With age, one of the most pressing concerns is one’s health and insurance coverage. People, particularly the retired and semi-retired, may experience financial difficulties as a result of their frequent visits to clinics.
However, in such situations, Medicaid for retirees has come as a blessing to all those who need proper medical coverage.
What Is Medicaid?
Medicaid is a government-run insurance program in the United States that helps low-income Americans, especially many baby boomers, afford healthcare expenditures.
A distinctive feature of Medicaid is that it provides insurance coverage for the long term. They do so for anyone who belongs to the low-income groups and also for those who cannot afford expensive treatments.
Facts You Need to Know
Medicaid is a remarkable plan that provides medical coverage to the people who need it the most.
Baby boomers, especially, are the ones who would benefit a great deal from this plan. Here are some of the facts that you need to know about Medicaid:
● As a single adult, you qualify for Medicaid if your yearly income is less than $17,774 per year. The states of North Carolina, South Carolina, Florida, Georgia, Mississippi, Wisconsin, South Dakota, Tennessee, Texas, Alabama, Wyoming, and Kansas are the states where this rule is applied.
● According to the KFF Reports, Medicaid covers the healthcare cost of one in every 5 people in the United States. Since it is a long-term plan, numerous bills not paid by other medical insurances also get picked up by Medicaid.
● Medicaid funds are mostly used to care for the elderly and disabled. Medicaid plays a vital role in helping these vulnerable sections of society.
● If you are a Baby Boomer, you should apply for both Medicare and Medicaid. According to federal laws, a senior citizen is eligible for both.
● Each state’s Medicaid coverage differs. Every state has a different set of
guidelines for the limit and rules of Medicaid.
● Depending on the state, Medicaid is known by a variety of names. For instance, in California Medicaid is referred to as Medi-Cal, and in Wisconsin, it is called BadgerCare Plus.
● Each state offers free counseling to help determine what Medicaid benefits the enrollees may be eligible for. These counselors can help you navigate through the plans that may seem to appear very confusing.
● Lately, Medicaid has been shrouded with political agendas. Frequent political discussions are happening in the name of Medicaid. It has been observed that mostly senior voters pay close attention to news related to Medicaid.
Medical treatments are mostly very expensive and using all your hard-earned money in getting a treatment done can be highly painful. In such a situation when medical insurance like Medicaid is introduced to the masses, it is bound to get loads of attention and cheers.
Understandably, people are constantly under pressure and stress due to a lack of financial benefits and, more critically, insufficient medical care.
The worry that you may have about what will happen if you get sick at some point is well taken care of by Medicaid.