As you get older, you naturally want to find as many ways to save money as possible. Healthcare is a particular area that puts a lot of financial pressure on New Yorkers as we age. And conditions like dementia, diabetes, heart disease and hypertension can strike anybody, regardless of their income and personal wealth.
No age limit for Medicaid coverage
You already know about the Medicaid program for low-income individuals and families, but might be worried that you waited too long to apply. The good news is, it’s never too late to get Medicaid coverage. If you qualify, you can still take advantage of savings compared to most private insurance or having to pay for healthcare out of pocket.
How Medicaid helps seniors
Unlike Medicare, which is mostly for seniors over 65, Medicaid is not an age-based program. While a younger person will receive more savings over time, registering for Medicaid in your 50s or 60s can still save you a great deal of money in medical bills. Things like nursing home care, inpatient and outpatient hospital visits and early detection screenings can be covered if you need them.
Qualifying for Medicaid
Another concern many people have is they own too many assets to qualify for Medicaid. However, through Medicaid planning, you can qualify while still passing along most of your assets to your intended heirs and beneficiaries. An experienced estate planning attorney can explain Medicaid planning and how you can fit it into your estate planning so that it is handled in your best interests.
