Aug 17, 2014
By Rick Law of Law Elder Law in Aurora, IL
Medicare is a health insurance program that is an entitlement – regardless of an individual’s income or assets.
Medicaid is not.
Medicaid is jointly funded and administered by the federal government through the Centers for Medicare and Medicaid Services and each state. The responsibility for developing the guidelines for the federal/state cost sharing lies with the U.S. Department of Health and Human Services.
This department is also responsible for overall supervision of state and provider participation in Medicaid. Each individual state government has a fairly wide latitude in running their Medicaid
Medicaid is considered to be a means-tested program; this means that participants must meet strict income and asset criteria in order to qualify. It is considered the safety net for the impoverished.
And, in many cases, Medicaid is the “payer of last resort” for skilled nursing facility benefits.
Even though additional benefits may be added by individual states at their own option, all states are required to cover the following long-term care-related services:
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care.
My wife and I had our first child three years ago. That’s when we decided to set up a trust, should anything happen to either of us. We reached out to Zach Hesselbaum to help us out. He was very thorough and professional throughout the whole process. Zach went above and beyond to make sure that we understood every detail of setting it up and he did an excellent job. We recently had our second child a few months ago. With the new baby, he helped us make the necessary revisions to the trust. Zach made this process great for us! I would definitely recommend using him for any of your estate planning needs!
Tom G., Naperville, IL