Many people in Wisconsin work for a large portion of their life with the hopes of eventually retiring and enjoying their later years. While people are working, they do not necessarily receive all the money they earn. There are a number of mandatory deductions that are taken out of their paychecks. People are well aware that they pay both federal and state income taxes as well as other taxes such as the social security tax. This tax goes into a fund which is designed to pay people income after they retire and reach a certain age.
Once people start receiving social security payments, they are also eligible for Medicare health insurance as well. There are different aspects of the Medicaid insurance programs, but in general people pay small premiums and deductibles for the insurance which will pay for many different health care related costs. However, as people age and are no longer working they may have a relatively finite amount of assets and eventually they may exhaust much of what they saved. This can make paying the premiums and deductibles difficult. Medicare also has limits on how long it will pay for nursing home care.
People who find themselves in this situation may also be eligible for Medicaid, which is for people with low income and few assets. Medicaid can pay for the Medicare premiums and deductibles as well as pay for long-term care at nursing homes or in-home nursing care. This can be very valuable, but as mentioned above people need to qualify. Many may qualify for the income requirements after they are no longer working, but meeting the asset requirement can be difficult. However, there are ways people can accomplish this through certain trusts by planning ahead.
Many people are retired in Wisconsin and have been retired for a long period of time. They may be concerned about how they will continue to pay for their healthcare costs. People may be able to receive Medicaid which eases many of these burdens though. Experienced attorneys understand the requirements to become eligible for Medicaid and could guide one through the process.