How Does Medicare Differ From Medicaid in Estate Planning

In our experience in the Elder Law field, the terms Medicare and Medicaid are often confused for one another and can cause misconceptions by client families or professionals in the industry. While it makes sense that this can happen since the words and ideas are related, the reality is that they are very different. Medicaid and Medicare cover completely different services and have different eligibility standards. Both can be incredibly helpful to the families receiving assistance from these programs as they help to alleviate the financial burden of healthcare related issues. On top of being separate programs, Medicaid and Medicare have many different options to help with healthcare costs, long-term care costs, and a variety of other things.

A simple way to look at Medicare can be to think of it as a health insurance option for individuals over the age of 65.  We could spend days covering the differences of Part A, B, C, and XYZ, but the purpose of this article is to clarify that these two programs are often confused for one another, and to explain bigger concepts behind each. Qualifying individuals for Medicaid to cover long-term care costs is what we do as Elder Law attorneys.  The cost of long-term care can exceed $10,000 to $20,000 per month. Even for the savviest of savers, bills like that can quickly consume a large portion of hard-earned assets. In some cases, Medicare will cover up to 100 days of a hospital stay, however we often see individuals being cut short of those 100 days for nuanced reasons handed down by the Medicare program rules.  Our job and our passion is to protect our client families from these types of charges, provide education surrounding which programs make the most sense, and to ensure a smooth smooth transition from Medicare coverage to Medicaid covering skilled nursing care. Spending down your assets is not the only option.  Let us help you protect them.

How Do I Find An Elder Law Attorney Near Me?

Rutkowski Law Firm: Asset Protection & Estate Planning has an excellent record of crafting estate planning and asset protection plans for people throughout Michigan. We promise our clients a custom, comprehensive asset protection plan backed by a lifetime of education and support.

Because we conduct all of our meetings online, we can assist clients who live anywhere. Take the next step to protecting everyone you love and everything you own through thoughtful planning. Call us today at (248) 792-9193, or fill out our online form to schedule a virtual consultation.

The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.