5 Interesting Facts About Medicaid
This past July marks the 50th anniversary of the Medicaid program. Medicaid is a public assistance program which provides health coverage to individuals and families with low-income. It’s aim is help children, women that are pregnant, the elderly, and those with disabilities. A Medicaid program in NY assists people who cannot afford to pay for medical or long term care. Some people are restricted from qualifying based on various factors such as age, financial situation, family situation, resource requirements, and living arrangements. To learn more about how you can qualify for benefits, please read our article on How to Qualify for Medicaid in New York. You can also visit this website for more information.
The benefits of Medicaid are not only directed towards an individual’s health, but also from a national standpoint. When looking at the macro view of how it truly benefits individuals, you can easily form a better idea of its impact on children and adults. Here are 5 facts you probably did not know about the program:
Medicaid has been successful in decreasing the amount of individuals without health insurance:
- With the introduction of health reform in 2014, Medicaid has assisted in cutting the number of uninsured Americans by almost half. The number of individuals who were uninsured prior to the reform dropped from 43 million to 26 million. It is reported that an estimated 14 million people will be enrolled into Medicaid by 2020.
Health coverage was provided to 80 million low income individuals in 2014:
- Per the Congressional Budget Office, 5 million seniors, 9 million people with disabilities, 31 million children, and 19 million adults were Medicaid recipients in the year 2014. With increased enrollment in the program with each passing year, the public is concerned that the program will sooner or later lead to a bankrupt of state budgets. However, the federal government intends to increase its funding to keep up with the expansion of Medicaid in the upcoming years.
Medicaid provides fast access to necessary care, especially for those with chronic conditions:
- Per a study within Oregon’s Medicaid program, beneficiaries of Medicaid were 40% less likely to be the victims of a decline in their health than those without health insurance coverage with similar health issues. This can be a result of preventative care which was more accessible to beneficiaries of Medicaid. All hospitals and most health providers accept Medicaid. Chances are that you will not encounter trouble when searching for a doctor who accepts the coverage.
Those participating in Medicaid is a significantly high percentage:
- Over one-half of all low-income adults with children that were eligible for Medicaid enrolled into the program. This is a high participation rate compared to other medical programs available. Also, over 87% of all eligible children in America were enrolled into the program.
Medicaid can produce education benefits for children in the long-term:
- Research has shown that children that were eligible for Medicaid earned more income as adults and have experienced less visits to the emergency room and hospitals compared to those not enrolled in the program. Due to the fact that fewer school days were missed because of the medical support, children typically do better from an educational standpoint.
Are you not sure if you qualify for Medicaid in New York? You can contact our firm and make an appointment for a consultation. It is advisable to discuss your options with a Medicaid Lawyer in NYC.
At Mishiyeva Law, PLLC., we mainly concentrate our legal efforts on Estate Planning, Probate, Estate Administration, Elder Law, and Medicaid Planning. Should you or your loved ones have any questions regarding this area of law, you can call us at (646) 535-1667. We are located on 85 Broad Street 18th Floor, New York, NY 10004.