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Navigating the financial waters after a catastrophic injury can be difficult. After all, no one hands over a book of insights into how you can pay for your medical expenses, equipment, and other care you need. If you’ve filed a claim for compensation, that’s great, but it can lead to more questions and uncertainty in financial planning. We’re here to help. Today, we’re talking about Medicaid and whether this benefits program might be able to help you if you’ve been injured.

Medicaid 101

Medicaid is the largest source of health coverage in the United States, providing health coverage to 64.5 million low income adults, children, pregnant women, and people with disabilities. Each state administers Medicaid according to federal requirements, so the rules differ somewhat state-to-state. For the most part, Medicaid eligibility is based on modified adjusted gross income. The Centers for Medicare & Medicaid Services’ (CMS) State Overviews page offers an interactive map covering each state’s unique Medicaid program. In addition to eligibility requirements for Medicaid, these pages offer information such as:

  • How the state determines whether a person is eligible for Medicaid
  • Information about efforts to enroll eligible individuals in Medicaid in the state
  • State performance on frequently-reported health care quality measures
  • Important state documents including up-to-date amendments, waivers and more

Every state offers these facts, so prospective and current recipients can understand eligibility, enrollment, and state-specific performance.

Medicaid and your settlement

If you’re looking into eligibility requirements because you have been catastrophically injured, there’s more you need to know. Even if you are eligible for Medicaid now, a personal injury settlement can impact whether you continue to receive benefits. That’s not only the case for Medicaid, but for all means-based government benefits. However, by working with a comprehensive settlement planner, you can ensure your Medicaid benefits stay in place and your settlement is as beneficial as possible.

One way we work with Medicaid recipients is through trust planning. For example, a special needs trust supplements but does not replace Medicaid, SSI, and other government benefits that are doled out based on people’s income. A special needs trust can pay for things Medicaid does not cover, which allows recipients to comply with and protect the program’s interests while still paying for necessities. If you’re Medicaid eligible and about to receive a settlement, by working with a comprehensive settlement planner, you can get your questions answered and ensure your Medicaid benefits remain there for you now and in the future. Give us a call for a no-obligation chat.