Nearly everyone who is fortunate enough to reach retirement age has questions or concerns at some time regarding Medicare, our government-run health care plan for retired people. Government agencies and communication sources can answer many questions about the nuts and bolts of applying for Medicare or obtaining supplemental insurance to cover gaps that Medicare does not pay for. However, only a close review of the details of your unique financial situation and lifestyle can answer key questions such as:

• When should you begin taking advantage of Medicare?
• What if health insurance is supplied by your employer? Can you or should you also tap into Medicare?
• What if you have extraordinary circumstances such as a lifelong disability or a fatal illness? What if you enter a nursing home while on Medicare? What do you need to know about Medicare usage with regard to potential Medicaid applications or appeals?

Medicaid is a government health insurance program for the elderly and disabled. While Medicare is for all retired Americans, Medicaid is for those who have very low incomes and assets. In order to qualify for Medicaid, you must have exhausted nearly all of your own assets. Healthy, working people will most likely never need or qualify for Medicaid unless a time comes in old age when illness strikes and all resources have been depleted.

As many people realize, nursing home care can be very expensive. If an older or ill member of the family seems to be headed for a time when assets could be used up in order to cover nursing home costs, you need to understand your options and make plans. For a personalized analysis of the key factors related to your need for Medicare and/or Medicaid now and in the future, call (732) 920-8383 or e-mail Kitrick, McWeeney & Wells, LLC, in Ocean County.