Expanded Benefit Changes To Medicaid/Medicare Programs
Expanded Benefit Changes To Medicaid/Medicare Programs
Medicaid and Medicare are official government organizations offering insurance coverage which offers two programs that provide health insurance to Medicaid-eligible individuals in the United States
What is the difference between Medicaid and Medicare?
Medicaid is a federally funded program that provides health insurance Medicaid programs to low-income individuals and families improving health outcomes. Medicare is a federally funded program that seniors and people with disabilities health care coverage regardless of income or age.Med
Medicaid is a federally funded program that provides health insurance Medicaid programs to low-income individuals and families improving health outcomes. Medicare is a federally funded program that seniors and people with disabilities health care coverage regardless of income or age.
In 2023 there will be a big Medicaid expansion of income limits.
The Medicaid coverage program has been expanded by the Biden administration Medicaid expansion funding to include more Medicaid beneficiaries with lower incomes. The expansion of the Medicaid services program is now available to people with incomes up to 133% of the federal poverty level, which is about $18,756 a year for an individual or $25,272 a year for a family of two.
Medicaid Expansion 2023
Income Expansion
The income amount for Community Medicaid recipients will be raised from 100% to 138% of the Federal Poverty Level.
| 2022 Income Levels | 2023 Income Levels (estimated) | |
| Individuals |
$934.00 monthly |
$1,563 monthly |
| Couples (both receiving care) |
$1,367 monthly total |
$2,106 monthly total |
This is a considerable increase and will allow more New Yorkers to qualify for Medicaid long term care in their home without the use of Pooled Income Trusts. The most common source of countable income includes Social Security, pension, retirement account distributions, rental income, and income payable from a trust.
Asset Expansion
The allowable asset limit for Medicaid long term care recipients is increasing by 50% come 2023.
| 2022 Asset Maximum | 2023 Asset Maximum (estimated) | |
|
Individuals |
$16, 800.00 |
$28, 134.00 |
| Couples (both receiving care) |
$24,600.00 combined |
$37,908.00 combined |
Countable assets for Community Medicaid eligibility include checking and savings, CDs, brokerage accounts, individual stocks, non-qualified annuities, cash surrender value of life insurance, and real estate other than a primary residence. Tax-deferred retirement accounts, traditional IRAs and 401ks, in payout status are not counted as assets for eligibility.
Medicare Savings Program Expansion
Medicare Savings Programs (MSP) subsidize health care premiums for Medicare beneficiaries. For those who qualify, the MSP covers the monthly Part B premium and the Medicare Part D prescription drug subsidy. MSPs also allow enrollment in Part B year-round outside without penalty.
The income limits for enrollment eligibility in the two available MSPs has also increased. Neither MSP imposes an asset limit. All those who qualify for Medicaid under the new 2023 expanded income limits will be automatically eligible for Qualified Medicare Beneficiary (QMB). QMB covers Part A & B premiums, as well as all deductibles and co-pays.
In addition, the Medicaid health plan coverage services expansion of the program is now available to people with assets up to $29,134.00, Medicaid coverage for eligible Medicaid individuals expand Medicaid up from $16,800.00 which is up from the previous limit and $37,908 for Medicaid-eligible families up from $24,600.00.
Asset Limits Have Also Been Increased!
This Medicaid health care coverage and services that the expansion change will help more people get the health care they need. Medicaid provides coverage for a wide range of health care, including doctor visits.
Countable assets for Community Medicaid eligibility include checking and savings, CDs, brokerage accounts, individual stocks, non-qualified annuities, cash surrender value of life insurance, and real estate other than a primary residence. Tax-deferred retirement accounts, traditional IRA’s and 401k’s, IN PAYOUT STATUS ARE NOT COUNTED AS ASSETS FOR ELIGIBILITY
What is Medicaid/Medicare Health Insurance?
Medicaid is a state and federal program that provides health coverage and preventive services to low-income adults, children, pregnant women, people with disabilities, and the elderly. Medicare is a federal program that provides health coverage to people who are 65 years of age or older, people with certain disabilities, and people with End-Stage Renal Disease. The federal government is expanding Medicaid eligibility for services in 2023.
Who is eligible for Medicaid/Medicare?
You may be eligible for Medicaid if you are a low-income adult, child, pregnant woman, person with disabilities, or elderly.
You may be eligible for medicare if you are 65 years of age or older, have certain disabilities, or have End-Stage Renal Disease. The expansion of the Medicaid services program is now available to people with incomes up to 133% of the federal poverty level, which is about $18,756 a year for an individual or $25,272 a year for a family of two.
What are the benefits of Medicaid/Medicare?
The Medicare savings program (MSP) is a government-subsidized healthcare program that helps Medicare beneficiaries pay for their healthcare premiums. The MSP covers the monthly Part B premium and the Medicare Part D prescription drug subsidy. This program also allows enrollment in Part B year-round outside of the enrollment period, without penalty.
What are the expanded benefits limits for Medicaid/Medicare?
The expanded benefits for Medicaid/Medicare are as follows:
1) MSPs (Medicare Savings Plans) now cover the Part D premium subsidy, which helps to lower out-of-pocket costs for beneficiaries who enroll in a Part D plan.
2) MSPs (Medicare Savings Plans) allow older adults beneficiaries to enroll in Part B year-round, without penalty. This allows people to maintain their coverage even if they happen to miss the annual health insurance enrollment period.
3) Lastly, MSPs (Medicare Savings Plans) have more comprehensive health insurance for prescription drugs. This includes both brand-name and generic medications, as well as preventive drugs like cancer screenings and flu shots. How will this change help more people get the health care they need?
The changes to the Medicaid/Medicare program will help more people get the health care they need by expanding the eligibility requirements and offering more comprehensive coverage.
How do I sign up for Medicaid/Medicare?
The best way to sign up for Medicaid or Medicare is to visit your local Social Security office. You can also call 1-800-772-1213 or visit official websites www.ssa.gov for more information.
What are Dual Special Needs Plans
Dual Special Needs health insurance from various insurance companies provides additional Medicaid/Medicare health insurance. This includes extra coverage for prescription drugs, dental care, and vision care. In addition, these plans offer help with managing finances and finding appropriate housing and services. They can be extremely helpful for people who need a lot of assistance with their day-to-day lives.
Conclusion:
The Medicaid/Medicare program is a government-subsidized healthcare program that helps Medicare beneficiaries pay for their healthcare premiums. The MSP covers the monthly Part B premium and the Medicare Part D prescription drug subsidy. This program also allows enrollment in Part B year-round outside of the enrollment period, without penalty. The expanded benefits for Medicaid/Medicare are as follows:
1) MSPs now cover the Part D premium subsidy, which helps to lower out-of-pocket costs for beneficiaries who enroll in a Part D plan.
2) MSPs also allow beneficiaries to enroll in Part B year-round, without penalty. This allows people to maintain their coverage even if they happen to miss the annual health insurance enrollment period.
3) Lastly, MSPs offer more comprehensive coverage for prescription drugs. This includes both brand-name and generic medications, as well as preventive drugs like cancer screenings and flu shots.
The changes to the Medicaid/Medicare program will help more people get the health care they need by expanding the eligibility requirements and offering more comprehensive coverage. The best way to sign up for Medicaid or Medicare programs is to visit your local Social Security office
You can also call 1-800-772-1213 or visit the federal government website @ www.ssa.gov for more information.
Dual Special Needs Health Insurance Plans
Dual Special Needs health insurance plans can be extremely helpful for people who need a lot of assistance with their day-to-day lives. If you think you might benefit from a Dual Special Needs Plan;
How Senior Health Corp @www.InsuredMeds Can Help
InsuredMeds.com can help you find the right plan for you and your family. We offer a wide variety of plans from different insurance companies, so you can find the one that best meets your needs. Contact us today if you are newly eligible for Medicaid or Medicare or ageing out of the Affordable Care Act (Obama Care) you will have a special enrollment period.
To learn more about Dual Special Needs Plans, or to sign up for health insurance, visit our secure websites InsuredMeds.com or our daily FREE Medicare Wedinar by clicking here: SeniorHealthCorp.com today. Text us at 845-380-5809 and we will return your call. Email us at bill.vargas@insuredmeds.com
