Medicaid, brought into effect by Title XIX of the Social Security Act, provides medical assistance for uninsured children, low-income population members, the disabled, and the elderly, as well as a large portion of long-term nursing home care. Many state Medicaid plans intitially functioned as indemnity plans; however, due to increasing health care costs and growth of Medicaid-eligible population, many Medicaid plans are now managed care plans. Medicaid is funded by both federal and state governments and is generally in the responsibility of CMS. SCHIP (State Children’s Health Insurance Program) was a result of with the 1997 Balanced Budget Act and implements a Federal agreement to match state funds for Medicaid (given a state plan for enrollment of uninsured children).Unlike Medicare, Medicaid does provide for long-term custodial care; however, to financially qualify, a recipient must deplete his assets and income. Income and assets cannot exceed $707 per month in income with $2000 in assets, or for a couple, $942 in income with $3000 in assets (assets do not include the recipient’s home, car, personal possessions like clothing, furniture or jewelry). A Medicaid enrollee is not permitted to give away assets or income (unless they are given to a spouse, a blind or disabled child, or a trust for a blind or disabled child). If the recipient gives away assets or income, a transfer penalty (length of time during which recipient is ineligible for Medicaid) will be incurred; duration of transfer penalty is relative to amount given away.
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