In business and in life, I’ve come to understand the value of expanding my awareness through learning information and facts. These days it seems that finding information and facts is a process of sifting through opinions. How we determine fact from fiction amidst growing sources today is akin to “finding the needle in a haystack”!
When it comes to understanding Medicaid for those of us who are not in the position to have firsthand experience can seem at times like a theoretical exercise. For those who rely on benefits from this program, this program is a vital component of day to day life.
Did you know that Medicaid is a major source of funding for hospitals, community health centers, nursing homes and physicians? Were you aware that funding of Medicaid comes from federal and state taxes? Coverage, access and funding statistics are available for every state.
Social Security Administration defines Medicaid for us: “Medicaid is a jointly funded, Federal-State health insurance program for low-income and needy people. It covers children, the aged, blind, and/or disabled and other people who are eligible to receive federally assisted income maintenance payments.”
The Social Security Administration provides further information about Medicaid and the SSI (Supplemental Security Income) differences that exist by state: “Thirty-two states and the District of Columbia provide Medicaid eligibility to people eligible for Supplemental Security Income (SSI ) benefits. In these States, the SSI application is also the Medicaid application. Medicaid eligibility starts the same months as SSI eligibility.
The following jurisdictions use the same rules to decide eligibility for Medicaid as SSA uses for SSI, but require the filing of a separate application: Alaska, Idaho, Kansas, Nebraska, Nevada, Oregon, Utah, Northern Mariana Islands
The following States use their own eligibility rules for Medicaid, which are different from SSA`s SSI rules. In these States a separate application for Medicaid must be filed: Connecticut, Hawaii, Illinois, Indiana, Minnesota, Missouri, New Hampshire, North Dakota, Ohio, Oklahoma, Virginia.” Social Security Administration Disability Research
States by state fact sheets are available from the Kaiser Family Foundation. State Fact Sheets These fact sheets provide a snapshot of the population; Medicaid coverage and access; a description of how Medicaid works and eligibility requirements; how Medicaid is financed and implications of reduced funding for the Medicaid program.
If we are fortunate, we will age. We don’t often plan for disabilities, especially those that inhibit our ability to work. Financial planning comes into play for all ages and for all stages of our lives. It’s up to us to obtain the information, facts and resources and seek guidance when needed.
If you are curious about contingency planning at home and work and why this may benefit you, I invite you to contact The Living Planner. We proactively help you assess your situation in business and home and explore ways for you to protect what is important to you by asking questions. What is your risk? Your plan? Are you ready to be ready?
Contact us to learn more about how we work with individuals, business owners and employees via Email or online @ The Living Planner #LifePlanningSimplified #CareForPeopleCareForBusiness