SESSION RECAPS

Medicaid Planning: Proactive vs. Crisis – May 1, 2024

Session Recap

Thank you for attending our informative session Medicaid Planning: Proactive vs. Crisis with Keith Miles. The session provided valuable insights into effective strategies for asset protection while ensuring Medicaid eligibility, empowering attendees to plan proactively for their long-term financial security and navigate the Medicaid process with greater confidence.

Here are some of the key takeaways from the conversation

Medicare Basics

Medicare is a federal health insurance program primarily designed for people aged 65 and older, regardless of their income level.
It is divided into four parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans), and Part D (prescription drug coverage).
Medicare Advantage (Part C) plans are offered by private companies and bundle Parts A, B, and usually D, often including additional benefits not found in Original Medicare.

Coverage Considerations

Activities of Daily Living (ADLs), which include tasks like bathing, dressing, eating, transferring, and toileting, are used to assess a person’s ability to function independently in long-term care settings.
Medication coverage can vary significantly between different Medicare plans, with certain medications covered under one plan but not another.
Issues may arise with the pharmacy element of coverage if a prescription becomes unavailable under a person’s current plan, potentially requiring a change in medication or plan.

Medicare vs. Medicaid

While Medicare is a federal health insurance program primarily for seniors, Medicaid is a joint federal and state program that provides health coverage to eligible low-income individuals of all ages.
Family Medicaid is specifically income-based, designed to provide coverage for low-income families who might not otherwise be able to afford health insurance.
The key distinction is that Medicare eligibility is primarily age-based, while Medicaid eligibility is primarily income-based, though there can be some overlap for low-income seniors.