People who have worked throughout their lives making good livings may feel as though Medicaid is utterly irrelevant to them. They have health insurance through their jobs while they are working, and they paid into the Medicare program so they will have health care coverage during retirement.
While the above may seem perfectly logical a significant percentage of people wind up applying for Medicaid when they reach an advanced age. This is because of the fact that Medicare will not pay for an extended stay in a nursing home or an assisted-living community.
In the state of New York the average stay in a nursing home could easily exceed $200,000. The average 50-year-old American has saved around $44,000 for retirement. These two figures don’t mix very well.
The truth is that Medicaid pays for most of the nursing home care that is provided for seniors.
There are upper resource limits that you must stay within to qualify for the program. Those who are interested in the possibility of becoming eligible for Medicaid can take measured steps that would preserve resources for the benefit of their family members.
The key is to understand the program rules thoroughly as you plan ahead in advance.
If you’re interested in learning more about Medicaid planning the intelligent first step would be to set up a consultation with a licensed elder law attorney. Our firm offers free consultations to people here in the greater Smithtown area, and you can contact us if you want to set up an appointment.
- These Trusts Satisfy Advanced Estate Planning Objectives - June 15, 2021
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021