“Misconceptions About Health Costs When You’re Older”

“Medicaid, the joint federal-state health financing program for low-income people, has long been the nation’s main financial backstop for long-term care. Over 60 percent of nursing home residents have Medicaid coverage, and over half of the nation’s long-term care is funded by the program.
That isn’t because most people who require long-term care have low incomes. It’s because long-term care is so expensive that those needing it can frequently deplete their financial resources and then must turn to Medicaid,” The New York times warns in its article “Misconceptions About Health Costs When You’re Older,” linked below/

While Medicare is the health insurance program for those 65+, it turns out there are a lot of gaps in what this plan covers. Most notably, is a long term stay at a nursing home. For that to be covered, one must have Medicaid. However, being eligible for Medicaid may require lots of work, such as making sure your assets conform to their rules, but also making sure that what you want protected, is. The Medicaid application itself is also extremely tedious and detailed, and often completed by a professional.

Danna & Associates, PC has been helping clients become eligible and apply for Medicaid for many years. Our firm has specialized in both Estate Planning and Elder Law since 1994, offering us constant insight and experience into this process. Call 718.273.0300 for your free consultation today!

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