Medicaid Should Be Your Last Resort

To qualify for Medicaid, you must have a very low income and few assets. The regulations vary from state to state, but as a general rule, you will probably qualify for food stamps before you qualify for Medicaid.

The real problem for those who seek help from Medicaid is that to qualify, you must "spend down" to government established poverty levels. This means getting rid of most, if not all, of the assets you've spent a lifetime accumulating.

Without the protection of Long Term Care Insurance, most people will quickly spend down their available funds and be forced to rely on the Medicaid system to pay for their care, which limits your choice and control.

Medicaid eligibility rules are complicated, and different states apply different rules. Each state operates its own Medicaid program, consistent with federal law.

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