Do you know the difference between Medicare and Medicaid? Although you may feel you need a PhD. in government bureaucracy to understand it all, let's take a basic approach and break it down to a "third-grade" level.
Since you may be called upon to decipher Medicaid for your parents, be sure to read a recent Forbes article titled “Medicaid And Your Parents: The Basics.”
In general (third-grade) terms, Medicare is regulated totally by the federal government, and Medicaid is a joint program of both federal and state. The federal government sets the Medicaid guidelines, but the states will establish their own rules and programs within those boundaries.
Medicaid is “means-tested.” To qualify for Medicaid, an individual’s monthly income has to be below $2,000 or $3,000. His or her assets (not including a home, personal belongings, a car, and some other items) cannot be worth more than $2,000 to $15,000.
Remember: each state has its own threshold, within limits. In addition, the rules can vary not only by state, but also in some instances by county.
At Idaho Estate Planning, we understand the challenges faced by elder Americans and their families. We have resources throughout the Treasure Valley, experts in the field of Elder Care & Planning. We have the experience and expertise to help you maintain your options and protect yourself as well as your loved ones now and into the future. Remember, good planning is no accident.