People can misunderstand what Medicaid coverage looks like and who is actually covered, adversely affecting their long-term care plans.
To avoid missing out on critical benefits and exhausting your own resources in the interest of qualifying for coverage, read on for more details on Medicaid coverage in Colorado.
Who Medicaid covers
Medicaid covers a range of people, from children to seniors. It covers pregant women, adults with disabilities and seniors in a nursing home. However, to be eligible, you must be in a low income or very-low income situation.
Depending on who you are and the program, there will be restrictions on your income, your resources or both.
As an example, if you are between the ages of 60 and 64 and you are applying for the Old Age Pension as an individual, you must not have more than $821 per month income and no more than $2,000 in resources.
After the age of 65, if you are seeking coverage under the Health First Colorado program as an individual, you cannot earn more than 133 percent of the federal poverty level annually, which equals $16,971. There is also a limit on resources of $2,000.
What Medicaid covers
Medicaid, or Health First Colorado, covers a range of services. If you are planning to use Medicaid after retirement, you can expect it cover:
- Primary care visits
- Visits with cardiologists and other specialists
- In-home care (in some cases)
- Eye exams and glasses
- Dental services, including partial dentures
- Emergency care and ambulatory services
- Hospice
- Medication
- Medical equipment, including wheelchairs
- Cancer screenings
These services can be crucial to older adults, and knowing that they are covered by Medicaid can be a great relief.
Planning for your future care
Medicaid is a valuable safety net for over a million people in Colorado, most of whom are elderly or have disabilties. The benefits and services allow these groups to receive critical care and support.
However, it can require some financial planning in advance to ensure you qualify without having to spend down all your resource unnecessarily. Understanding who and what Medicaid covers can empower you to make informed decisions that protect your financial and medical future.