“As more and more seniors need care, their budgets will be strained. As a result, they may rely on Medicaid.”
“Efforts to repeal and replace Obamacare have been suspended for the time being, and many Americans are breathing a sigh of relief. But Obamacare is far from safe, and the same is true for one of the key programs – Medicaid – that the law used to expand health care coverage for millions of Americans.
“While many people may think of Medicaid as a government program that helps only the nation’s poor, that is not accurate. Medicaid helps pay for – and is indeed part of estate planning strategies for – nursing home care and other forms of long-term care. Since all Americans live in communities with elderly people, will grow old themselves or have aging parents, long-term care and how to pay for it is a matter that affects us all, even if we do not realize it.”
Medicaid and seniors
Enter Medicaid. While many may think Medicaid primarily covers poor people, about 28 percent of its overall budget is spent on long-term care.
That money is vital to seniors and to the nursing homes they live in. In 2014, Medicaid paid for 62 percent of nursing home residents. Increasingly, it covers assisted living and in-home care, which many elderly people prefer.
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