Good news for those eligible for Medicaid and over 65, you may be able to enroll in Medicare Advantage to reap some of those extra benefits that Original Medicare doesn’t offer.
What is Medicaid?
Medicaid is a jointly funded, Federal-State health insurance program for financially qualified persons. Who is a financially qualified person? That depends on the state you reside in. Under the Affordable Care Act if you are a resident of a state that has expanded Medicaid, those making up to 133% FPL (federal poverty line) are qualified. If you live in a state that has blocked the expansion of Medicaid, your state sets the guidelines to qualify.
How does Medicaid Help Seniors?
This is what’s really important for you. If you are considered a Qualified Medicare Beneficiary (QMB), Medicaid will help with Medicare’s cost-sharing. QMB’s, generally, fall below 100% FPL (again depends on the state). What is covered at little (or no) cost to you is your Medicare Part A premium, Part B premium (if you choose to enroll), copays, coinsurance, and deductibles, plus, and this is a big plus, in some states Medicare Part C’s premium, commonly known as Medicare Advantage.
Qualify if You Make Too Much Money?
It is possible to receive Medicaid help for Medicaid even if you make too much money. Well, there’s this loophole called Medicaid “Spend Down.” This is when you are considered medically needy, but don’t technically, financially qualify. What it allows you do to, if your state allows, is subtract your medical expenses from your income to become eligible for Medicaid. Pretty good loophole, and an excellent way to get Medicare Advantage.
Why go with Medicare Advantage if You are Medicaid-Eligible?
Medicare Advantage (MA) plans offer extras like dental, vision, prescription drug coverage, limits your out of pocket spending to $6700 in 2014 (many plans have lower out of pocket maximums). As well as you may qualify for a Medicare Special Needs Plan.
For any further questions about Medicare Advantage and Medicaid call the number above or contact Senior65 for assistance.