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 must meet certain income and follow some wealth guidelines. The program is designed to provide health coverage for lower income people, or those without a great deal of assets. An important term dealing with Medicaid is "spending down." This means that there are a great deal of individuals who are hovering above the threshold for Medicaid qualification who will reduce their assets and income to qualify for Medicaid.

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 that you may be young, but disabled. Thus if you are receiving SSI, you would then be eligible for coverage. In addition, if you are older and retired while 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, including how they interact with other coverages such as long term care insurance.

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