Medicaid is a health insurance program that is provided by the government and is meant to assist only individuals who have extremely limited means and those with disabilities. Under this particular program, for a person to qualify for the benefits that comes with it, he/she must have only $2,000 in assets and earns at most $75 per month. The AID in the word Medicaid actually refers to “assets and income depleted” and marks to differentiate it from other covers. Here are some of the important things that you should know about Medicaid law.
1. Specific restrictions
The restrictions that have been set on Medicaid law depend on individual federal states. For instance, some federal states put limits on income while others do not. However, most states have in the recent past tightened the requirements for one to be eligible to apply for Medicaid. These states look back into the last five years before application to determine if the individual making the application has been giving away assets in a way that is prohibited by Medicaid rules. An applicant that is found to have given away assets in such a way is subjected to prohibitions.
2. Medicaid rules
It is important to note that Medicaid rules are quite complicated and are dynamic. Additionally, the circumstances under which one may apply for Medicaid differ from one person to another. Thus, it is important to consult a knowledgeable lawyer in order to help you understand fully Medicaid law before applying for it.
3. Medicaid help
Medicaid assists individuals to pay bills especially when an individual is unable to pay them. This applies mostly to situations when a person’s resources drop below levels that he/she cannot afford to pay the bills alone.
4. Asset disclosure
When applying for Medicaid, it is important to ensure that you disclose all your assets without hiding some of them to qualify. There is a department that regularly checks applicants’ tax records and you will be found if you decide to hide some assets. Hiding assets to enable you qualify for Medicaid cover is against the law.