Medicare is a government program that we all pay into while we are working. If you have contributed into the program sufficiently it will be there for you when you turn 65 to help you pay your medical bills.
However, it is very important to go forward with the knowledge that Medicare does not pay for every last cent of your health care costs after you become old enough to be eligible for coverage. One very significant potential expense that Medicare does not cover are costs incurred for living assistance.
The majority of individuals who reach the age of 65 are going to either require in-home care or spend some length of time in a nursing home and/or an assisted living community. These facilities are very expensive, and typical costs can reach well into the six figures by the time all is said and done.
While Medicare does not pay for long-term care there is another option in the form of Medicaid. Because of the fact that this program is intended to assist people with very limited financial capabilities there is an upper resource limit of $2000.
In spite of this, since some types of assets are not considered to be countable in a Medicaid eligibility context you may still be able to qualify even if your overall resources are well in excess of $2000.
Obtaining Medicaid eligibility to pay for long-term care while hanging onto a significant percentage of your assets is possible, but it takes intelligent and informed advance planning. If you would like to explore this option, simply take a moment to arrange for a consultation with a good Long Island elder law attorney.