Thursday, March 12, 2015

Making the Medicaid Cut

Medicaid is seen as a backstop for individuals or families who have inadequate support for healthcare. Health centers, however, need to determine who can take advantage of it and those who cannot; as such, the onus is on you to determine your eligibility for Medicaid. 

Prime Selection 

Medicaid program rules, in general, note that potential beneficiaries must have a monthly income between $2,000 and $3,000. The total value of their assets should be somewhere between $2,000 and $15,000; however, this value does not account for the house, personal items, or a car, among others. A couple applying for Medicaid must have a total asset value of no more than $101,540.

Some situations may arise where the amounts for income or assets exceed the cap, thus causing ineligibility. A workaround may be to convert the excess into a Medicaid annuity facilitated with an insurance firm.

Localized Issues

Sometimes, states or counties will have their own eligibility caps for the program. Your patients and their loved ones must be educated on them to ensure less complications. There can be cases wherein the applicant doesn’t have enough assets but the income is within the threshold, which will make them eligible for Medicaid support in case the health care costs are above their means.

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