New Jersey governor and ones from other states have thrown their support behind the governors of Ohio and Arkansas as they attempt to expand Medicaid against the will of conservative legislators in their states. By using a new market-centric approach, they hope to insure the poorer residents of their states. According to the federal government, however, these states have to provide evidence demonstrating that the costs beneficiaries experience with private insurance won't surpass those they would have to pay under Medicaid. If successful, these changes may create 17 million new eligible beneficiaries. The federal government has given Ohio and Arkansas implicit approval to test out programs, and it may provide them with federal money to purchase private insurance for poor individuals. The insurance will be sourced from the Affordable Care Act's healthcare exchanges. While the government will pay these enrollees' costs for three years, the states will eventually be responsible for a portion as well. For those individuals currently wondering if they'll qualify for Medicaid, however, the fact that state legislatures still have to approve these changes means that their situations may not change much.
Troubling news is coming out of the aftermath of Hurricane Sandy and the Nor 'easterner that have recently hammered New Jersey and the Eastern seaboard. It appears that those in most need of assistance evacuating the storms and also most likely to suffer due to the cold and lack of provisions have in many ways been left to fend for themselves.
In our previous post, we began looking at the issue of long-term-care and the difficulty many Americans have in purchasing long-term-care insurance. Here we continue that discussion.
When folks think about how they will pay for long-term-care as they age, there could be a number of reactions. Some will go out and purchase insurance products to protect themselves and their family, and others may choose to forego insurance products and plan on using Medicaid as a fallback if their own assets run out. Others will just throw up their hands, unsure of what they should do.
When you're looking at all of your assets and starting to think about building an estate plan, it's necessary to take into account future expenses. One of the most important sections of your estate plan will be the part that deals with end-of-life care and contains stipulations for nursing home placement.
Much in the same way estate planning can help you prepare for your financial future, nursing home planning can help you prepare for future living situations and specific healthcare needs. When you become unable to live alone and care for yourself, you and your family will have to make some tough decisions.