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Medicaid planning must be realistic

On Behalf of | Feb 14, 2014 | Medicaid Planning / Nursing Home Planning |

For many in New Jersey, estate planning includes an estimation of how Medicaid will factor into one’s later years. Medicaid provides many services to the American elderly population, such as covering the cost of doctor visits, medical procedures and medications. However, Medicaid is not a comprehensive solution for an individual’s late-life medical needs, and there will be a great many expenses that are not covered under this national plan. In addition, qualifying for Medicaid can be tricky, and families should begin Medicaid planning well before the need to seek coverage begins, so that individuals can create a strategy for fulfilling all of their medical needs during retirement.

Medicaid will not cover expenses related to eye exams or glasses, except for some patients who have undergone cataract surgery. Other expenses that are not covered include dental costs and the cost of obtaining dentures. In addition, hearing evaluations or hearing aids are not covered under current Medicaid rules.

For older Americans who travel, it is important to understand that Medicaid will not cover the cost of medical services obtained while in another country. This can be significant, as the cost of just one unexpected illness or injury can quickly skyrocket. Those who are planning to travel extensively during retirement should consider purchasing supplemental insurance that will cover the cost of their medical needs while outside of our borders.

Perhaps the most important aspect of Medicaid planning involves ensuring that individuals are qualified to receive these benefits. When planning to apply for Medicaid, property and wealth must be transferred under very strict rules and guidelines. Doing so requires a comprehensive understanding of the law and estate planning practices, which is why many in New Jersey rely on an attorney to guide them through the process.

Source: money.usnews.com, Medical services Medicare doesn’t cover, Emily Brandon, Feb. 3, 2014