Yes, it is possible to have both long term care insurance and Medicaid. Long term care insurance is a type of insurance that helps cover the costs of long term care services, such as nursing home care, assisted living, and in-home care. It is typically purchased from a private insurance company. On the other hand, Medicaid is a joint federal and state program that provides health coverage to low-income individuals, including coverage for long term care services. Medicaid is administered by the states, so the specific eligibility requirements and coverage options may vary.
Having both long term care insurance and Medicaid can provide additional financial protection and flexibility when it comes to paying for long term care services. Medicaid can help cover the costs that are not covered by long term care insurance, such as deductibles, copayments, or services that exceed the policy limits. Additionally, if a person exhausts their long term care insurance benefits, they may be able to qualify for Medicaid to continue receiving long term care services.
However, it's important to note that eligibility for Medicaid is based on income and asset limits set by each state. Having long term care insurance may affect a person's eligibility for Medicaid, as the value of the insurance policy and other assets may be considered when determining eligibility. It's recommended to consult with a financial advisor or an elder law attorney to understand how having both long term care insurance and Medicaid may impact eligibility and coverage options.
In summary, it is possible to have both long term care insurance and Medicaid. Long term care insurance can help cover the costs of long term care services, while Medicaid can provide additional financial support. However, eligibility for Medicaid may be affected by the presence of long term care insurance and other assets. It's important to seek professional advice to understand the specific rules and options in your state.