Medicaid
Medicaid is an essential insurance program for the elderly in this country. It is funded by the federal government but it is administered at the state level. All Americans are eligible for this coverage however you do have to meet certain income, and wealth guidelines. The program is designed to provide health coverage for lower income people, or those without a great deal of assets. One of the many terms you in connection to this is; “spend down”. What this means is people who are close to the eligibility threshold, but have slightly too much in assets, literally spend those down in order to meet the guidelines.
Generally the age at which you may qualify for this coverage is tied to whether or not you are receiving Social Security Income (SSI). The reason for this is you may be of a younger age, but disabled. Thus if you are receiving SSI, you would then be eligible for coverage. In addition, your older, and are retired and receiving SSI you would also be eligible.
Here is some discussion started by an individual who is trying to understand Medicaid and all of the eligibility requirements and how they interact with other coverage’s like long term care insurance.
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