Phil Cannella Discusses Medicaid and Long Term Care Insurance

Phil Cannella thinks that a lot of people confuse Medicaid with Medicare. Both of these programs are separate and independent of each other. Medicare’s primary focus is to provide health insurance for those over the age of 65, while Medicaid’s focus is providing health insurance to the indigent. Phil Cannella explains that when it comes to providing long term care, Medicaid has some very strict requirements and seniors should not think that they can fall back on Medicaid as there are some catches. To be eligible for Medicaid you must be one of the following:

▪ Be age 65 or older
▪ Have a permanent disability as that term is defined by the Social Security Administration
▪ Be blind
▪ Be a pregnant woman
▪ Be a child, or the parent or caretaker of a child

While those are general Medicaid requirements, there is still a financial requirement that has to be met in order for Medicaid to kick in for long term care. If you make in excess of $2,000 per month you will not be eligible for Medicaid. Phil Cannella quotes

“The amount of income a person can have is quite high, up to $2,130 a month in 2013.”

The prior statement however is not complete and there are other factors that should be understood and full information regarding the Medicaid requirements and the financial requirement thereof can be found at the above website.

Phil Cannella knows that the subject of assets and Medicaid eligibility is quite a sore subject for many. It is unfortunate that to qualify for Medicaid even if you are making close to zero income you might have to sell your assets and use the proceeds to qualify. This saddens Phil Cannella because he knows that you could have worked all your life to enjoy retirement and that you finally set to enjoy your golden years and then a mishap happens and you need skilled nursing home care. While you are making almost no income now, Medicaid will not provide for you until you use up any assets in your name.