"I’m Already Covered"

People who fall into the second category are commonly overheard saying, "I’m already covered. I have Medicare or Health Insurance. And if those don’t cover me, Medicaid will."

The fact is this: Most long-term care costs are not covered by Medicare or Health Insurance. And Medicaid will help only after you spend down your assets.

In the past, it has been common practice for people to transfer assets to qualify for Medicaid. Some things to consider currently:

1) Qualifying for Medicaid is becoming increasingly difficult.
2) Your choice of care may be severely diminished if Medicaid pays your bills.
3) Do you really want to rely on a bankrupt Medicaid system to shelter your assets?

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