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The difference between Medicare and Medicaid is significant. Medicare is health care/insurance for people over 65, it is an insurance program (it will become socialized medicine once it runs out of money in the trust fund - - 10-15 years from now, if not earlier). It is generally, what all working Americans will use for their primary health insurance provider after age 65. IT DOES NOT COVER LONG TERM CARE COSTS. Most private health insurance plans exclude long term care costs as well.
Medicaid is health care for the poor. There are maximum income levels and assets, that a person can have in order to be eligible. Medicaid covers Long term care costs as their patients are poor, they do not have any other assets to pay these costs, the same as they did not have assets to pay for medical care.
Some feel that it is ok to structure assets in a manner to make them appear to be eligible for Medicaid, even if though they did not actually qualify. Many call this fraud
Apparently it is ok for someone to use their money for vacations, eating out or other activities , but when it comes to paying for long term care (LTC) costs - they want uncle Sam to step up, regardless of their ability to pay. They feel that the heirs should inherit the money (that would have been spent on long term care) as it is ok to stick the taxpayers with the bill.
The option everyone has is to buy LTC insurance - just like you buy health insurance, in order to cover the specific risk of needing nursing home services at some point in your life.
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8 Porsche's to date, after many years of looking 1999 C2 Cab, Ocean Blue over tan Leather.
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