Interpreting Health Insurance Hieroglyphics

January 5, 2009



Trying to figure out everything that is on your insurance policy
can feel like trying to read a new language. Having an illness or
non-work related injury is devastating enough, trying to figure out
what is covered and what is not can be a whole other picnic.
Especially when prices on health care have raised so much. Even
though managed care can really save people some serious money, you
have to know what each term means and how it works in you specific
plan. If you have a group plan from your employer you are
definitely paying much less than if on your own, but do you really
know what that plan really says or what it offers? Some people are
better off and covered more for their own private plan once they
figure out the medical lingo.

The whole point of health insurance is to pay for the accumulating
cost of exams, diagnostics, and treatments of any particular issue
you may have. There are several coverage options when it comes to
what kind of health care plan you have or want. Try to pick a plan
that best meets you needs and budget, this will help you save
money. Also, don’t feel dumb if you have no clue what your agent
says. You can ask them what things mean if you don’t know. You are
better able to understand what you are covered for than be
surprised when you get the bill. It is better to know what is
available to you in health benefits on all fronts. Become familiar
with the types of plans available and know their specific
advantages and disadvantages so you can best determine what works
for you.

TYPES OF POLICIES:

?Indemnity Policies (Traditional Fee-for-Service Insurance)
?Preferred Provider Organizations (PPOs)
?Health Maintenance Organizations (HMOs or Managed Care)
?Self-Insured Health Plans (Single Employer Self-Insured Plans)
?Multiple Employer Welfare Arrangements (MEWAs)

HEALTH INSURANCE TERMS:

Assignment of Benefits: Your signed authorization to give your
doctor or hospital (medical provider) direct payment to them for
your medical treatment. This means you do not see the money and
don’t have to pay at the time of service more than your co-pay.

Business Day: Every day that insurance companies are open for
business, which excludes Saturday, Sunday, and state and federal
holidays. These tend to be from Monday to Friday from 8-9 AM to 4-5
PM their local time.

Calendar Day: Every day of the calendar month, which includes
Saturday, Sunday, and state and federal holidays. If something
happens on a Saturday, Sunday, or holiday you will be able to call
in a claim but it will not be recorded till the next business day.

Certificate of Coverage: The document you get that tells you that
you are a member of the group and hold a policy.

Certificate of Creditable Coverage: A written statement from your
previous insurance company and/or health plan stating the length of
time you were covered with them.

Claim: A notification to your insurance company that payment is due
under the policy provisions.

Co-payment – The portion of charges you pay to your provider for
covered health care services in addition to any deductible.

Coverage: The actual details of protection provided by an insurance
contract.

Denial: An insurance company’s decision to withhold a claim payment
or demand a preauthorization. A denial may be made because the
medical service is not covered, not medically necessary, or
experimental or investigational.

Deductible: A set amount of money paid by the insured for medical
costs before benefits kick in and pay.

Exclusions and/or Limitations: Conditions or circumstances spelled
out in an insurance policy that limit or exclude coverage benefits.
It is important to read all exclusion, limitation, and reduction
clauses in your health insurance policy or certificate of coverage
to determine which expenses are not covered.

Experimental and/or Investigational Medical Services: A drug,
device, procedure, treatment plan, or other therapy, which is
currently not within the accepted standards of medical care. These
items are more than likely not covered.

Grace Period: A specified period immediately following the premium
due date during which a payment can be made to continue a policy
without interruption. This applies only to Life and Health
policies. Check your policy to be sure that a grace period is
offered and how many days, if any, are allowed.

Independent Medical Review: A process where expert medical
professionals who have no relationship to your health insurance
company or health plan review specific medical decisions made by
the insurance company.

Medically Necessary: A drug, device, procedure, treatment, or other
therapy that is covered under your health insurance policy and that
your doctor, hospital, or provider has determined essential for
your medical well-being, specific illness, or underlying condition.

Policy: The written contract between an individual or group
policyholder and an insurance company. The policy outlines the
duties, obligations, and responsibilities of both the policyholder
and the insurance company. A policy may include any application,
endorsement, certificate, or any other document that can describe,
limit, or exclude coverage benefits under the policy.

Visit us for more information on Interpreting Health Insurance Hieroglyphics
DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

Advertisements

Tips for Small Business Owners Shopping for Health Insurance

December 9, 2008

When going into business on your own, it is hard to look past the
overhead cost you have just sunk into it. There several other
issues that needs to be on the forefront of your business now. As
you hire people to work for you, what are you going to be able to
offer them? In today’s market employers must offer competitive
wages and benefits to attract and keep good employees. Small
business owners who have less than 20 employees are not required to
provide medical insurance but if you want high quality workers, you
better get it. There is a high demand for small business owners to
provide health care benefits. With the rising cost of medical
treatment, most people cannot afford to not have health insurance
and will gladly leave a job that doesn’t off it. Some people prefer
to have a slightly lower wage than not have benefits. When you
offer your employees benefits that save them long-term money, it
makes them want to stay with you and not go somewhere else.

The new trend in the job market is that the low-wage hourly
workers, the people most like to be uninsured, are now being
offered medical plans in their budget ranges. Small restaurant
owners, day care providers, and other small businesses are
realizing that to get good people to stay, they need to offer them
an incentive. Almost all people expect heath benefits today to be
in their benefit packages. This can be costly to you, the small
business owner, because the best group rates are for large
companies with lots of employees. You might find yourself forced to
give a higher premium to your employees, but having the benefit is
better than nothing. Plus even though they pay a higher premium, it
is still much less expensive than a private rate for them. You need
to stay competitive though and not offer something that is truly
different than all other businesses, including large ones. If the
overall cost to the employee is so high, then they might just
decide to go work somewhere else.

Find out what your employees need the most and purchase plans that
fulfill those needs and not a bunch of things they are not
interested in. Most basic plans can cover routine doctor visits,
sick visits, hospitalizations, medications, and emergencies and
still be a reasonable price. You might want to look at what larger
companies offer and see if you can make some of that work for you
and your employees. The playing field is not fair for the small
business owners; premiums are higher and more expensive than for
larger places. But there are many ways to get a good package that
is still reasonable in cost. Make sure you know what types of
coverage is mandatory and what is not. Some states have
requirements on such things like fertility treatments that even
though your employees might not need are a necessity. These types
of necessities are what make it so hard for the small business
owner to provide affordable health coverage.

Don’t despair, there is still hope. There’s no question about it
that small businesses are in a tough spot. You are not powerless
though by any means. There are several options including having the
employee pay more of their own premium, having higher co-pays for
employees, making sure you have an HMO verses a PPO, and also
having the plans be just for the employee rather than offering a
family plan. You can also save money in what type of prescription
drug plan you are going to offer. Many doctors are offering more
medical treatments for correcting diseases and disorders verses
more costly invasive procedures. With higher drug costs and most of
that cost having to be passed to the employee, it might be better
to offer a drug plan then to have that included in the health
package. The employee will pay a very small premium for this
benefit and save 50% or more on their prescriptions. If you decide
to include prescriptions in your over all plan, think about having
higher co-pay at the pharmacy. So, instead of a smaller $5-$10
co-pay you might have it raised to $20-$30 to save money on the
monthly premium.

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

Tips for Small Business Owners Shopping for Health Insurance


Stay Healthy and Keep your Insurance Premiums Down

December 4, 2008



Stay healthy, so you can switch plans. All health insurance plans
have rate increases, and you have even seen premiums jump on some
HSA plans. If a rate increase happens to you, you can switch to a
different insurance company – but only if you pass their
underwriting requirements. If chronic disease develops, you may be
stuck with your current plan, and its accompanying rate increases,
for eternity. Or at least it may seem that long. If you pay
attention to the pharmaceutical commercials, you learn lifestyle
really has nothing to do with disease, and it is natural and
healthy to be on many medications for the rest of your life, which
will then solve your health problems. If you pay attention to the
science, you know the truth is quite different. It appears
lifestyle is probably 95% of the picture, and you know the
occurrence of degenerative disease can be dramatically reduced and
even prevented.

Fortunately, many customers are interested in wellness, and disease
prevention. After all, they’re paying for their own doctor visits
if they do get sick. It is because HSA owners are “forward
thinking” people, and like to plan for their future – both
financial and physical. You can improve your odds of excellent
health with just a few key habits: Eat very high quantities of
fresh vegetables and fruits. Shoot for 35% of your calories. This
will lower your risk for diabetes, high blood pressure, heart
disease, cancer, and more. Limit your intake of sugar and starchy
carbohydrates like bread and pasta. The majority of health problems
in the U.S. are related to metabolic diseases that involve insulin
resistance. Exercise and lift weights. Exercise guru Jack La Lanne
just turned 92 on September 26, and he says if you have muscles you
never feel old.

Life Quote Is About Life. Better Health Means Lower Insurance
Rates. Most people get nervous about their health and how it can
affect their insurance rates. Your health is key in how much you’ll
pay for Life Insurance.

Life Insurance Facts:

Cigarette smokers pay at least double the premium for life
insurance than non-smokers. People, who are overweight, have high
blood pressure or high cholesterol could pay more for life
insurance. A family history of heart disease, cancer, stroke,
diabetes or other chronic diseases will make your insurance rates
increase. Having chronic diseases yourself can increase your Life
Insurance Premiums.

Life Insurance companies classify people by different categories
that essentially determine their risk of dying. The best category
and lowest price is “Super Preferred”, followed by “Preferred.”
Prices keep rising with “Standard” and “Special Class”. To be
honest, only the healthiest people in America are rated Super
Preferred. The average person will qualify for a standard rate. The
classifications vary from company to company the point is you do
have control over lifestyle choices that can hurt your health. You
should take a proactive approach and work at staying healthy, at
the gym and at the doctors’ office. Insurance companies will reward
you for it! Which is why it’s a good idea to shop around.

Tips to Improve your Insurance Health:

Regular medical treatments to monitor and stabilize chronic
diseases can influence insurance companies to offer you reasonable
rates. Heart disease, cancer, diabetes and stroke are no longer
uninsurable conditions. Insurance companies just want to see proof
that you’re improving your health. Lowering your weight and
controlling your cholesterol or blood pressure with a low fat diet,
regular exercise or medicines can result in a reduction in
insurance premiums. You can’t change your family’s medical history
but you can certainly take care of your own with regular check-ups
and by practicing healthy habits. Your clean bill of health counts
with insurance companies too. If you smoke, the surgeon general
says quit. Insurance companies judge smoking as a critical risk
factor in determining your premium. Do yourself a favor kick the
habit. For your life, as well as your life insurance.

If you quit smoking now, your rates will drop significantly if you
re-submit your “healthier” non-smoker status to insurance companies
a year later. If this doesn’t motivate you who knows what will. How
about saving some money on your life insurance policy? If you end
up paying more, don’t get mad at the insurance companies. Get mad
at yourself! For lifestyle tips and medical information to get you
started, check out some of the leaders in the business of making
you healthy–your doctor!

Stay Healthy and Keep your Insurance Premiums Down

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.


Pros and Cons of Supplemental Health Insurance

November 25, 2008



Supplemental insurance benefits, like cancer insurance or
heart/stroke insurance are paid directly to the insured, unless
otherwise required by Medicare supplemental insurance. Hospital and
major medical insurance benefits are paid directly to the provider,
which you would only have to pay small co-pay, if anything. But if
an emergency were to happen or you had a specific disease or
condition that was going to cost you out of pocket expenses,
investing in a supplemental plan is a good idea. As a policyholder,
you can use those benefits to help with your out-of-pocket expenses
or loss of income. Supplemental insurance products such as cancer
and accidental injury insurance are not a replacement for major
medical insurance. These types of policies help to cover expenses
that are not covered by major medical insurance and reduce the
money paid out by the insured. These policies can also paid for
lost income in the case of missing work.

Supplemental medical insurance only provides coverage after your
regular medical insurance has been exhausted. Supplemental medical
insurance is used to pick up where basic medical insurance leaves
off. You will have to hold a regular health plan to be able to use
the supplemental insurance. When this coverage is exhausted, your
supplemental medical coverage would begin paying. Supplemental
medical coverage is written in a separate policy, and does not
include coverage for basic doctor visits. Supplemental insurances
are definitely lifesavers for many people. The only downside is
that they can be expensive and useless if you never need them. You
have to pay for your regular medical coverage and now add an extra
policy or two and that can get pretty high. If you try to purchase
a policy after you have become ill or injured it won’t cover a
pre-existing condition, so you will pay out and not receive and
benefits for the condition you already have. The idea is that you
have to buy into a supplemental plan prior to the incident so they
can collect off of you being healthy. Here are some plans for
supplementing your health insurance that can be used at any age.

Cancer Insurance provides benefits to help cover costs for cancer
treatment and other related expenses associated with the disease.
Most policies provide direct-to-policyholder cash benefits for
daily hospitalization and intensive care unit confinement, as well
as for surgery, anesthesia, chemotherapy, radiation, and
preventative care. This is a good plan to have if you have a family
history of cancer, it could save your life and your wallet.

Critical Condition/Critical Illness Insurance is a policy designed
to provide you with a lump sum benefit to help pay out-of-pocket
expenses if you suffer a heart attack, stroke, have heart surgery,
cancer (except skin cancer) or several other conditions. It covers
illnesses and diseases that cause you to hospitalized for critical
condition and picks up where you regular benefits left off.

Disability Income Protection supplements lost income by paying a
monthly benefit to you if you become partially or totally disabled
due to a covered illness. This also provides a daily benefit for
in-patient hospitalization for a covered illness. This policy has a
reduction in benefits after age 65.

Hospital Emergency Recovery & Outpatient Insurance (Supplemental
Medical) provides benefits for treatment due to a covered illness
including daily benefits for in-patient hospitalization, intensive
care and recovery care following hospital confinement due to a
covered illness. It also provides a benefit for outpatient surgery
and emergency room treatment for each covered illness.

Some of the plans geared toward the elderly and retiring persons
are actually very smart to have. They can help pay for things that
Medicare won’t or can’t. They also offer assistance if you ever
need to be cared for at home, move to an assisted living home, or
need to go to a nursing home. These types of expenses can leave
other family members in debt after you are gone. Funeral and burial
are usually also covered. This gives many folks the ability to
leave their families something other than bills. Also with
assistance for medication there is more money to enjoy while you
are still around. Some age related supplemental insurances are:

Long Term Care Insurance can help cover the high cost of a variety
of long-term care options such as: assisted living facilities,
medical home care, custodial home care, adult day care, and if
necessary, nursing home care, up to specified policy limits.
Includes bed reservation benefit, respite and hospice care,
emergency response system, and caregiver training. For an
additional cost, you have the option of a valuable cost-of-living
adjustment option. Separate Nursing Home Care and Home Health Care
only policies also are available in most states. These will pay if
you or your spouse needs to go into a nursing care facility.

Medicare Supplement Insurance is for people 65 and over mostly.
These offer a wide range of standardized plans that supplement
expenses not covered by Medicare. This will help pay for doctors
visits and prescriptions that were only covered partially by
Medicare.

Find out more about Pros and Cons of Supplemental Health Insurance

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.


Tips on Finding Health Insurance Even with Pre-existing Medical Conditions

November 19, 2008



How much coverage you can get on a pre-existing condition varies
from state to state. For people getting insurance through their
job, it is illegal for them to not let you join the plan based on a
pre-existing condition. As long as you are an employee, you have
the same rights as all other employees to the group plan and rates.
The Health Insurance Portability and Accountability Act, also known
as HIPAA, also grants limited eligibility for continuous coverage
for employees who leave their employer, through COBRA laws. If
certain conditions are met, such a person can obtain health
insurance in the individual market on a guaranteed-issue basic like
every one else.

Most insurance companies consider pre-existing conditions as health
conditions that you already have gotten or are receiving treatment
for. Pregnancy, AIDS, high-blood pressure and stroke are all
considered pre-existing conditions. Each insurance carrier has
their own policies and procedures regarding pre-existing
conditions. Some have waiting periods while others totally won’t
cover certain conditions. Having a pre-existing condition obviously
puts you at a higher risk for compensation than people without
pre-existing conditions, but that doesn’t necessarily mean you
can’t get insurance.

HIPAA tells you the conditions under which a person who maintains
continuous insurance coverage is able to purchase individual
insurance on a guaranteed-issue basis. This is free of exclusions
for pre-existing health conditions after leaving an employer group
insurance plan. To qualify for guaranteed issue of non-group, or
individual insurance, a person must have 18 months of prior,
continuous coverage by group insurance. Second, if coverage on
COBRA was available the person must have used all the time he or
she had on that plan. In most states, this period of time is 18
months. Once COBRA coverage is no longer available, association and
individual health plans must cover pre-existing conditions.
Finally, the person must buy an insurance plan with in 63 days of
leaving the group plan to exercise this guaranteed eligibility.

In addition, every state has a mechanism for guaranteed-issue
insurance. If you are not eligible, then there are some other
insurance options. Twenty-eight states operate a “high-risk” pool.
Pool coverage is like group coverage and part of the cost is
subsidized by appropriations from state revenue. Other states offer
guaranteed-issue basic or standard insurance coverage. In order to
find out if your state has one of these opportunities, contact your
department of insurance. An easy way to find an insurance
department is on the Internet. Try the web site of National
Association of Insurance Commissioners (NAIC). In many states,
health maintenance organizations (HMOs) offer guaranteed-issue
insurance. HMOs are much more strict about whom you see but having
coverage of any kind is a need.

In 1996 the laws changed for those people with pre-existing
conditions. Now many people would not be forced to have no
coverage, they can opt for a plan that excludes the disability for
a brief time. The HIPAA (Health Insurance Portability and
Accountability Act of 1996) determined that there are certain
conditions health insurance carriers may and may not cover. HIPAA
defines a pre-existing condition as: “A condition (whether physical
or mental), regardless of the cause of the condition, for which
medical advice, diagnosis, care or treatment was recommended or
received within the 6 month period ending on the enrollment date.”

However, exclusions are generally limited in how long they can be
excluded: Regular on-time entrants may only endure an exclusion
period of 12 months following enrollment. Those who received
treatment for a condition 6 months before enrollment, such as you
were treated for melanoma on January 1, 2005: you can enroll up to
July 1, 2005 and still be eligible but you must wait until July
2006 for benefits to begin. Late entrants must endure a longer
exclusionary period of 18 months, but maintain the same eligibility
requirements for regular on-time entrants above. HMO’s may affix a
“waiting” period of 60-90 days if they have no pre-existing
exclusion policies.

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

Find out more Tips on Finding Health Insurance Even with Pre-existing Medical Conditions


Why Seniors Should Not Totally Depend on Medicare in the Golden Years

November 17, 2008



Seniors have a need for the health care system more often than
younger people. They need good comparative information on quality
of care in order to make the best health care decisions. Seniors
also need to understand how Medicare works and if it will benefit
them at all. Many seniors have found that getting a private plan is
actually cheaper or the same with many more benefits. So, before
deciding that Medicare is your only option, look into things
better. Many companies let seniors purchase policies that work with
Medicare, so the cost that is not Medicare covered can be submitted
and a portion of the cost returned to the senior. Seniors today are
faced with many challenges with the rise in health care expenses
and high priced drugs. The government’s benefits just aren’t
enough. Many people today are preparing for those years with many
other insurance options.

There are also supposedly two forms of Medicare now, not that they
both are available to all persons. Three years later after Congress
expanded health care options for seniors, they are just now getting
access to a private fee-for-service plan. But so far, Sterling Life
Insurance Co. of Bellingham, Washington, is the only company
offering seniors a private fee-for-service option. The company
started the plan in July and now it is available in all or parts of
25 states. This plan was supposed to be bettered designed, but
obviously is not available as it should be. The other option of
Medicare is the basic HMO. This service has all the same components
as any other HMO, except the deductible and co-payments are higher.
Many times, these plans are so high that many seniors can’t eat
healthy and have the medications they need.

What can you do to keep yourself away from these really poor
options? You can invest in a good plan at a young age and at
optimal health. Purchase privately so it is not limited to your
work with a specific company. Having a well-known private insurance
can benefit you in many ways. Many young people don’t think of what
will happen when they retire. They find health insurance a
money-sucking item instead of a necessity. As you get older and
have a family, you tend to realize the importance in having
insurance and usually carry a plan through an employer at a cheaper
group rate. Most people even when they are ready to retire don’t
think about what is next for benefits. You can get COBRA after
retirement for up to 18 months, maximum. Now you will have to get a
health insurance through a private carrier at a higher cost and
possibly less benefits than if you had purchased the plan at 30. So
it makes more sense to get the plan at a fixed rate when you are in
your prime than to wait till after you retire. If you wait too long
and get that higher cost plan, you may find out as you get older
and older and your health declines you can’t afford it or it
doesn’t cover some of the things you may need and Medicare won’t
help with either.

Another option for seniors and other people who want to prepare for
the future is Long-Term Health insurance. This will provide
assistance when and if the day comes that you or your spouse needs
assistance with everyday tasks that require a nurse or helper. This
can help ease the burden of paying for in-home support or care,
assisted living facilities, and nursing homes. It can also help
with funeral expenses and burial costs. This is a great investment
for any person who knows they either won’t qualify for medicare or
will have to lose everything to get that assistance. It is better
to invest at a younger age so the benefits can at their optimum
when you have to call on them. Plus, you would hate to lose
everything and have your children stuck with your nursing home
bills and death expenses. Most everyone wants to leave their family
a little something when it is their time to go. However, bills and
debts that remind them of sadness aren’t what most people have in
mind.

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

Find out more about Why Seniors Should Not Totally Depend on Medicare in the Golden Years


Medicaid Madness – The Latest in Eligibility Requirements

November 15, 2008



Medicaid is state regulated and funded health insurance that helps
low-income persons who can’t afford medical care pay for some
and/or all of their medical bills. If you qualify and don’t have
medical insurance, Medicaid can help you stay healthy and assist
you till you find other resources. Medicaid is available only to
people with limited income and has strict limitations. In order to
qualify, you must fall into a group of persons that meet specific
criteria. Medicaid pays money directly to your health care
providers. Depending on your state’s rules, you may also be asked
to pay a small part of the cost (co-payment) for some medical
services or prescription drugs. .

Many groups of people can be covered under Medicaid that will
qualify under their own group’s specific guideline. Some examples
of group’s requirements can include your age, whether you are
pregnant, disabled, blind, or aged or your income and resources.
Resources can be cash or any item that can be sold for a
substantial amount of money, or bank accounts, or property. Another
requirement is whether you are a U.S. citizen or a lawfully
admitted immigrant. The rules for counting your income and
resources vary from state to state and from group to group, so you
should check the requirements that pertain to where you are living.

In addition, for those persons living in a nursing home or at home
with disabilities, there are specific rule and guidelines to be
met. Your dependent child or children may be eligible for coverage
if they are U.S. citizens or a lawfully admitted immigrant, even if
you are not. Eligibility for children is based on the child’s
status, not the parent’s. Also, if someone else’s child lives with
you, the child may be eligible even if you are not because your
income and resources will not count for the child.

General eligibility requirements you must meet to obtain Medicaid
in your state may vary from other states, but they are pretty mush
based on the same criteria. You must meet the income, dependent,
resources, and other various requirements asked on the application
to qualify. People who qualify are individuals over 65, blind, and
disabled for social security disability purposes. Others are
families or single parents with children under 21 year old who
either don’t make enough money, don’t have health benefits at a
reasonable cost, or are on public assistance. Single and married
persons with a temporary disability, limited income, special
circumstance, or between the ages 59-64 also can meet the criteria.
If you need to seek drug or alcohol treatment, or are the victim of
domestic violence you are eligible for Medicaid during treatment
and possibly after the crisis is over. You can also qualify if you
are caring for a child or disabled person.

When applying for Medicaid your eligibility is determined by your
income and that can come from various sources. They compare the
income and to the size of the family to determine if they qualify.
Qualifying income is, and not limited to, earned wages, interest,
dividends, social security, veterans’ benefits, pensions, child
support, and spouse or partner’s income if living with them. Types
of payments that aren’t considered countable income are public
assistance, social security benefits, food stamps, low income home
energy assistance program benefits, foster care payments, certain
housing and utility subsidies, and weatherization payments. There
are income limits of course and they are strict, if you exceed them
by a penny you don’t qualify. The limits are different depending on
the amount of family members living in the home and requesting the
benefits.

You will have to have proof of your resources and family size to
determine if you have resource limits and are eligible. Different
groups of qualifiers will vary in what resources they can have.
Resource limits do not apply for those persons with children at
home and under the age of 21. Resources that are counted in
eligibility determination are cash, checking and/or saving
accounts, certificates, Christmas or vacation clubs, stocks and
bonds, some types of trust funds, life insurance, vehicles,
revocable burial funds, and non-resident property. Items that
cannot count against you when determining eligibility are your
home, burial space and marker, and one vehicle per household. If
you are a student and get federal grants and loans, those cannot be
counted either. Find out more about Medicaid Madness – The Latest in Eligibility Requirements

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.