Chapter 38. Annuities and Medicaid
“Nothing has more strength than dire necessity.” | ||
| --Euripides | ||
Medicare, for which everyone involved in the Social Security system and who is at least 65 years old or disabled is eligible, will only pay for nursing home costs in full for a period of 20 days and with a deductible for the next 80 days. This leaves people needing nursing home care in the unenviable position of having to come up with substantial amounts of money to pay for the cost of a nursing home stay.
That is where Medicaid comes in. Unlike Medicare, it is not a program for which all older Americans are universally eligible. Medicaid is a joint federal-state program, which is the only governmental program that provides significant coverage of the ...
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