Medicaid Myths and Realities
Not understanding Medicaid myths and realities can have serious consequences. Our Janesville Elder Advisors Law team has separated the myths from the realities to help you or your loved ones make informed decisions, starting with the common misconceptions about Medicaid.
Myth 1: Medicaid is only for unemployed individuals.
Reality: Many Medicaid recipients are employed but earn low wages that don’t provide access to affordable health insurance. Medicaid supports working families, especially in industries with limited benefits.
Myth 2: Medicaid is the same in every state.
Reality: Medicaid is a joint federal and state program, so while federal guidelines exist, states have flexibility in designing their programs. This leads to variations in eligibility, coverage, and benefits across states.
Myth 3: Medicaid only benefits the elderly or children.
Reality: Medicaid serves a wide range of people, including low-income adults, pregnant women, and individuals with disabilities, in addition to children and seniors.
Myth 4: Medicaid offers substandard care compared to private insurance.
Reality: Medicaid often provides comprehensive coverage, including services like long-term care and behavioral health, which private insurance may not cover. Beneficiaries also benefit from lower out-of-pocket costs.
Myth 5: You must spend all your assets to qualify for Medicaid.
Reality: While Medicaid has strict asset limits, there are legal strategies to protect assets while maintaining eligibility, such as creating irrevocable trusts or restructuring finances.
Myth 6: Medicaid is a financial drain on state budgets.
Reality: Medicaid brings significant federal funding to states, supporting healthcare systems, reducing costs, and stimulating local economies.
We hope this information has given you a clearer understanding of Medicaid myths and realities. By separating fact from fiction, our goal is to empower you to make informed decisions and navigate the complexities of Medicaid with confidence.”
In addition to our free workshops in Janesville and Wales and our ‘Understanding Medicaid’ publication, the Elder Advisors Law team would be pleased to assist you. We welcome the opportunity to answer your questions and address your concerns about Medicare at either of our offices.
Read Medicaid and Medicare: What’s the Difference?
Free Workshops
Elder Advisors Law workshops in Janesville and Wales, Wisconsin, are free. Creating an inviting and relaxed environment for attendees, these sessions deliver practical and actionable advice on safeguarding your well-being, preserving your assets, protecting your estate, and ensuring a lasting legacy for your loved ones.
