Medicaid = A joint federal/state program that pays for healthcare services for those with low incomes or very high medical bills relative to income and assets.
“The number of Americans needing long-term care is expected to double in the coming decade as the population ages,” said James Firman, National Council On Aging president & CEO. “Clearly, this is an issue that cannot be ignored.”
Medicaid offers some coverage for long-term care, but individuals must spend-down, often eliminating lifetime savings, in order to qualify for Medicaid. In the process, the healthy spouse and other family members are left impoverished. If there are assets and income streams to protect, then it might be time to talk with a long-term care expert about long-term care insurance.