Medicaid, Medicare and Asset Planning
As we grow older, we become more concerned with retaining our independence. As such, it is important to come up with a strategy should things not go as we planned. Most people do not plan on entering a long term care facility, such as a nursing home, yet it has been reported that over 50% of people aged 65 or older will need long term care at some point. It is important to consider your options as early as possible.
The staggering costs of long term care can quickly diminish estate assets. Medicaid is a federal-state health insurance program that provides medical assistance to people who meet strict eligibility requirements, including very low asset limits. Medicaid is the only governmental program that pays for long term nursing home care. This is not to be confused with Medicare, which is a federal health insurance program for senior citizens.
Estate planning can help sort through the difficult decisions to consider as to long term care and help understand the eligibility requirements of Medicaid.