Why would I plan to go on Medicaid?
Medicaid is a government program run by both the federal authorities and the state governments together.
It allows people who have limited income and means, and no health insurance, to get coverage through the program.
This means that these people can receive the health care they need both for illnesses and injuries as well as ongoing monitoring and treatment.
Even for well-prepared retirees, healthcare expenses can drain accounts
While it might seem strange to some, as people get along in years, they may want to plan to go on Medicaid.
The reason is that, otherwise, those of retirement would likely have to pay for a lot expenses, including a costly nursing home stay, from their savings.
Medicare, the health insurance program for retirees, does not pay for all costs that a person will require as he or she ages.
Likewise, it may be financially impossible for residents of the Long Island communities, no matter how hard they try, to acquire enough savings or private insurance to both pay for health care and leave an inheritance to their loved ones.
Medicaid planning requires attention to detail
Medicaid planning is a process by which a New Yorker legally disposes of his or her assets so he or she can qualify for Medicaid without a penalty.
With the right planning, Medicaid benefits can help a person pay for a nursing home and other important healthcare and still be able to use their savings for other purposes.
However, the rules pertaining to Medicaid are complicated, and one must make sure that any planning is in compliance with these rules. Otherwise, a person may wind up worse off than if they had just decided to use their savings on healthcare.