People have become lulled into thinking that once they turn 65, they have no more health insurance worries. They believe that Medicare, an entitlement program which they paid into throughout their working lives, will take care of them during the years when they need health coverage most. Although every United States citizen is entitled to Medicare coverage, and those with low incomes can apply for Medicaid, these are by far not the cover-all health policies that many people think they are. That's why, when they are in a position to make a claim, they often find themselves in a world of hurt.
The first misunderstanding that many Medicare recipients have is that once Medicare has paid everything it's going to pay, Medicaid will kick in to pick up the remainder. This may or may not be true, and only if the person meets the qualifications required by Medicaid. Medicaid is health care for low income or needy individuals. Unless the Medicare recipient meets the financial guidelines, Medicaid will not pay anything. This is why supplementary insurance is so necessary for those who are on Medicare.
Many individuals believe that in order to qualify for Medicaid, all they have to do is transfer their assets to a family member so that they can meet the guidelines. This is not true. Instead, if you try this trick in order to receive Medicaid coverage, you may find yourself faced with a large penalty. The government is prepared for patients trying to beat the system by transferring assets for less than market value to loved ones. When a new application is filed, the state will look at the person's finances for as far back as five years. If they find you've transferred money and property you once had to a sibling or child, you will end up in legal difficulties.
Another misconception that can end up costing you is that Medicare will defray the costs of home or nursing home care. In reality, Medicare doesn't kick in until you've been in the hospital for at least three days. If following your hospital stay you require rehabilitation or skilled care, Medicare will only pay for the first 100 days. Certain patients who require physical therapy or other care may qualify for more Medicare benefits. Home care as well as nursing home care need to be covered by some type of long-term care insurance.
Some people think it's a simple matter to sign up for Medicaid if a need arises. This is also not true. Although the procedure is different in the various states, you will still need to prove you are eligible no matter where you live, and this can take a lot of time. You may be required to produce paystubs, if you are still working, bank statements, proof of age and citizenship, proof of income (social security), and any insurance policies that you own. With Medicaid, it's good to start the process as soon as you meet eligibility requirements so that if you need the assistance, you already have it in place.
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