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Why Medicaid matters to anyone with aging relatives

pThe National Institute on Retirement Security concluded that American households had a median retirement savings account balance of just a href=”http://www.nirsonline.org/storage/nirs/documents/RSC%202015/final_rsc_2015.pdf”$2,500/a, and the median for those nearing retirement was a mere a href=”http://www.nirsonline.org/storage/nirs/documents/RSC%202015/final_rsc_2015.pdf”$14,500/a. Such meager savings make it extremely difficult for retirees to cover their out-of-pocket medical costs for co-pays, deductibles, and noncovered items such as hearing aids, which often reach a href=”http://www.urban.org/sites/default/files/publication/28361/412026-Will-Health-Care-Costs-Bankrupt-Aging-Boomers-.PDF”several thousands of dollars per year/a. A prolonged period of long-term care on top of these costs is certainly not in most people‚Äôs budgets./p

Article source: http://www.huffingtonpost.com/entry/why-medicaid-matters-to-anyone-with-aging-relatives_us_598d936ae4b0ed1f464c09ee

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