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    Medicaid Asset Security Trusts 101 888011000 110888 MoneyTipsYou may have saved vigilantly for retirement and handled your money well, but in the end, long-lasting care expenses can derail your plans and quickly exhaust your savings and other assets. According to LongTermCare.gov, average costs for 2010 were $6,235 and $6,965 per month for semi-private and private spaces in assisted living home, respectively. For the number of years can you afford to pay in the $75,000-$85,000 variety for your care? A one-bedroom assisted living facility is a bit less expensive, at $3,293 monthly on average (2010 values), approaching $40,000 annually. Considered that long-term care averages 2.2 years for men and 3.7 years for females, the chances are that you have insufficient resources to meet your long-term care requirements. Medicaid Is an Option Long-lasting care insurance is an alternative, however it is expensive and has constraints. Fortunately, Medicaid exists to get the rest of long-lasting care costs– however to become qualified for Medicaid, you can only have a …

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    Medicaid 101 888011000 110888 MoneyTips Medicaid Essential Medicaid and CHIP (the Kid’s Medical insurance Program) exist to guarantee health protection for low-income Americans. CHIP is created to cover kids of households who have incomes too expensive to qualify for Medicaid but too low to afford private coverage. Many people think about Medicaid as being for younger Americans and Medicare for older Americans, however this is not strictly the case– for example, some assisted living home and long-term care protection is included under Medicaid requirements. Each state determines its own Medicaid eligibility requirements, in accordance with minimum federal standards. The federal government needs certain groups to be covered by Medicaid, consisting of “unconditionally needy” people (i.e., recipients of SSI and families with dependent kids receiving money support). Nevertheless, states maintain broad discretion …