We assist many of our clients and their families everyday with protecting their hard-earned savings and assets through proper Asset Protection/Medicaid Planning. Often, there is some confusion on what Medicaid is compared to Medicare, as they are not the same! The similarity here is that they are both government programs designed to help Americans afford health care.
Medicaid is available if you meet your state’s income eligibility and other standards. The federal government and each state fund it. The type of Medicaid Planning our firm assists with specifically, has to do with long-term care. A lot of people may think that they have no choice but to 'spend-down' their entire life's savings, but the simple truth is that everyone has options under Medicaid rules and regulations. Reach out to us to see how we can help!
Medicare, on the other hand, provides health care coverage for Virginians aged 65 or older, or younger if they have certain disabilities. More than a million people are enrolled in Medicare plans in Virginia, and eligibility and benefits for Original Medicare are nationwide. While many people qualify for premium-free Part A, the monthly cost can be as much as $471. Everyone pays Part B premiums, which are about $148 per month. Alternately, you can sign up for Medicare Advantage, with 95 plans available in various counties throughout the state.
For more information, program options and resources on the topic of Medicare specifically, check out this link for current Medicare options available in Virginia: Medicare in Virginia | MedicarePlans.com