Medicaid/Medical Assistance planning should be an important consideration for many Pennsylvania residents who are thinking about how to cover the cost of medical expenses. Despite the efforts of the federal government, health care costs in America continue to rise. When it comes to medical expenses, Pennsylvania residents need to think about Medicaid/Medical Assistance planning and the possibility of using their own funds to cover a nursing home stay.
Medicare is health insurance that can help cover certain medical expenses. Medicaid, on the other hand, is a program funded by the state and federal governments, which may help Pennsylvania residents pay for some medical expenses if the eligibility standards are met.
So, when Pennsylvania residents are planning how to allocate their funds -- retirement expenses, health care expenses and leaving funds for heirs and beneficiaries -- it may be a good idea to consider planning for Medicaid. There is a five year look back period for Medicaid so starting now may be helpful.
At our law firm, we work with our clients in an attempt to craft the best long term plan for each person's unique financial situation. For some people who have not planned ahead, more of their own funds will need to be used for long term care and other health care expenses. For others, Medicaid may be able to assist with medical expenses. Getting the right information about all of the options is crucial. For more information, please visit the Medicaid/Medical Assistance planning section of our law firm's website.