New York Medicaid Planning: Giving Away Assets

You may wonder what Medicaid has to do with your life as a senior citizen. You worked hard as you traversed a career path, and payroll taxes were taken out of your salary for years. You are going to qualify for Medicare coverage when you reach the age of 65. Medicaid is for people who have no financial resources. This is an assumption that can get some people into trouble because they are under the impression that Medicare will indeed cover all of their health care needs during their active retirement years and the twilight years that follow. In truth, Medicare doesn t cover everything in full, so you should be prepared to pay some out-of-pocket expenses even for the things that Medicare does cover. The above having been stated, the reason why Medicaid is indeed relevant to many senior citizens is because Medicare won t pay for long-term care. This is a very big deal because most people are not going to be able to easily and comfortably pay for long-term care out of their retirement s

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