The so-called Great Recession has hit many families hard. Savings, investments and retirement accounts are not worth what they were before the economy started slipping. People in Connecticut, especially the elderly, may be having a difficult time figuring out how they will cover all their expenses in the future -- particularly their long-term care needs.
While many are learning to live on less, medical costs are still rising, forcing some to go without proper care for illnesses or disabilities. Medicaid is one option for elderly people struggling to pay for medical care. However, a person must qualify for Medicaid to be eligible, which can sometimes be difficult if that person has too many assets. With proper Medicaid planning, and under the new healthcare law, more people can qualify for Medicaid.
Under the new healthcare law, more Americans will be covered by Medicaid than ever before when Medicaid is expanded in 2014. The law will allow approximately 15 million elderly Americans with low incomes to have health insurance coverage.
In reviewing the constitutionality of the healthcare law, the Supreme Court recently said that each state gets to decide whether it wants to opt in to the Medicaid expansion or not. If a state chooses not to opt in, some citizens may not qualify for the program's protections.
In response to this, the Obama administration is urging states to consider the program expansion carefully and to take their time deciding whether they will agree to the expansion or not.
While the expansion will cover more people, it will not cover everyone. Citizens may still need to conduct a financial evaluation to see if Medicaid planning tools, such as trusts, can help them meet eligibility requirements.
Source: WTNH, "Feds say states have time to decide on Medicaid," July 13, 2012