Setting the Facts Straight: Things to Know About Medicaid

Setting the Facts Straight: Things to Know About Medicaid

  • 25 Jun Off

Medicaid was started in 1965 to provide health-related services to US residents with low income. The healthcare program is designed to assist people of every age and covers short term as well as long term stay in various healthcare facilities. Wisconsin Medicaid planning is a necessity for people with limited resources and costly needs for care.

1 In 5 Low-Income US Residents Need Medicaid

Medicaid was started in 1965 to provide health-related services to US residents with low income. The healthcare program is designed to assist people of every age and covers short term as well as long term stay in various healthcare facilities. Wisconsin Medicaid planning is a necessity for people with limited resources and costly needs for care.

There are many cases in which a young person suffers from a critical injury which leaves him/her bed-ridden for the rest of his/her life and the hospital advises the family to reside the person in a nursing home for an indefinite time. It is next to impossible for a low-income family to afford a nursing home for a longer period of time. Medicaid is the only way to provide a person with adequate care.

40% of the Enrollees Are Children

Out of all the enrollees, 40 percent of them are children. Many parents can’t provide access to private health insurance to their children because of low income. Medicaid is a blessing for such families. According to reports, the percentage of children without health coverage has come down from 14% to 5.3% since 1997.

Children are the largest group which is registered under Medicaid but takes up only 19% of the Medicaid’s expenditures.

Majority of The Expenditure Of Medicaid Is On Seniors And People With Disabilities

Seniors and disabled people make the smallest number of Medicaid enrollees, but Medicaid expenditure is highest on them, as they need special and long term care.

7.2 million low-income seniors benefit from Medicaid and 4.8 million people with disabilities are enrolled in Medicare. Medicaid covers hospitalization costs and services by the physicians, lab services, outpatient services, etc. Medicaid also assists with prescription drugs cost.

Medicaid Is the Mandatory Spending Program in the Budget

Medicaid has a unique and special role in state budgets. To provide free healthcare to families and individuals with low income, Medicaid is the mandatory spending program in the budget. There are minimum standards that must be covered, but states have the freedom to provide extra benefits.

Conclusion

80 million low-income US residents are covered under Medicaid. Not everyone can afford private insurance; Medicaid has helped to cut the number of uninsured US citizens from 43 million to just 23 million. There is no doubt that Medicaid has improved access to healthcare services for individuals with low-income. Medicaid covers children, adults, disabled, and seniors. Elder Law Medicaid planning helps seniors understand how to get the best medical care without depending on their family members.

It is important to start planning ahead if you or a loved one may be in need of Medicaid. Medicaid law requires a 5-year look back at any gifting of assets and often times assisted living homes require a time of private pay (2 years is common). With the correct estate planning and help from an Elder Law Attorney, this process can become a lot less daunting and thousands of $ can be saved often.

If you want to know what to do NOW to preplan or you have a loved one with a care need, contact us for a complimentary consultation. Don’t believe that there is nothing that you can do or that your only option is to send down.  As an Elder Law Attorney, I am here to assist you. Call me at (262)812-6262 to arrange a complimentary meeting.

Summary
Setting the Facts Straight: Things to Know About Medicaid
Article Name
Setting the Facts Straight: Things to Know About Medicaid
Description
Elder Law Medicaid planning helps seniors understand how to get the best medical care without depending on their family members.
Author
Publisher Name
Elder Law Center of Wisconsin
Publisher Logo

Comments are closed.