5 Things You Need to Know about North Carolina Medicaid

Like many people, you may have gone through your working years without ever needing to qualify for Medicaid benefits because you were fortunate enough to have employer sponsored health insurance coverage. As a senior, however, you may find that Medicaid is the only option available to help you cover the high cost of long-term care for you or your spouse. Ideally, you will recognize the potential need to qualify for Medicaid far enough ahead of time to include Medicaid planning in your estate plan. The need to plan ahead for Medicaid eligibility is just one thing you may not already know about the Medicaid program. To help you familiarize yourself with the program, consider the following five things you need to know about North Carolina Medicaid.

1. There are actually different types of Medicaid. Medicaid is primarily funded by the federal government; however, it is administered by the individual states. Because the states administer the program, they there are some differences in the eligibility guidelines and benefits available among the states. Within the State of North Carolina, there are actually several different types or categories of Medicaid as well, including: Families with dependent children; infants and children; pregnant women; and aged, blind, and disabled. The eligibility guidelines vary somewhat within the programs.
2. Medicaid has income and asset limits. Medicaid is intended to provide healthcare to low income individuals and families. As such, the program uses income and asset limits when determining eligibility. The income limits for “aged, disabled, or blind” Medicaid are $990 for an individual and $1335 for a couple. If you are receiving Supplemental Security Income (SSI) you will automatically qualify for Medicaid. The asset limits are $2000 for an individual and $3000 for a couple. Fortunately, not all assets are counted when determining the value of your assets. The value of your home, a car, home furnishing, clothing and jewelry are not counted.
3. Medicaid will cover long-term care expenses. The older you are, the higher the odds are that you will eventually need long-term care – and the cost of that care is usually high. Nationwide, the average cost of a year in LTC is about $80,000. Even if you still have private health insurance, it will probably not cover LTC unless you purchased a separate LTC rider at an additional cost. Don’t count on Medicare to chip in either as Medicare only covers LTC under limited circumstances, and then only for a maximum of 100 days. The good news is that North Carolina Medicaid does cover long-term care expenses.