Financial Planning Information
Medicare is a program created by the federal government and implemented by the state and county governments. The purposes of Medicare include:
- hospitalization insurance
- post-hospital skilled nursing facility assistance (with severe restrictions)
- home health care assistance (with severe restrictions)
- hospice care
- outpatient treatment care
- prescription drugs plan
When you reach 65, most people's primary health care provider becomes Medicare. You may want to investigate supplemental health insurance to assist you in covering the deductibles of the Medicare program. It is also important to make sure your financial planning incorporates both the expenses and the benefits of these programs.
Medicaid is a federal program for the financially indigent. It provides care for long-term care and disability income. In order to qualify for the Medicaid program you must pay for care expenses yourself until you are almost broke.(about $5,000)
We can provide you a team (financial planner, estate attorney and CPA) to analyze your particular situation versus the current laws. The team will present the alternatives and assist you in taking the actions to support your particular needs. Medicaid planning is very technical and you will need the very best team.