How to Restructure Your Assets to Qualify for Medicaid
There’s a common misperception that Medicaid is only for poor and low-income seniors. But actually, with a little proper and thoughtful estate planning, all but the very wealthiest people can often qualify for program benefits.
In 1965, Congress established the Medicare program to enhance insurance coverage and ensure greater financial solvency for seniors — regardless of income, current health status or past medical history. At the same time, they outlined parameters for Medicaid —a state-managed, means-based program to provide additional coverage to low-income and disabled individuals and families.
Unlike Medicare, however, Medicaid is not a federally run program. Operating within broad federal guidelines, each individual state decides its own Medicaid eligibility criteria, eligible coverage groups, services covered, administrative and operating procedures, and payment levels.
