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Florida residents: Medicaid or long-term health insurance?

Florida has a reputation as a retirement destination. As a result, more and more retirees flock to the Sunshine State annually to live out their golden years surrounded by palm trees and beaches. While the thought of retirement in Florida sounds idyllic, most Florida retirees find themselves forced to make difficult decisions to ensure their years in the state remain idyllic. One of the most common difficult decisions is whether to rely on Medicaid or purchase long-term health insurance.

During Governor Bush?s first term, nursing home care in the state was reportedly in terrible condition. As a result, the government implemented several measures to improve the state of Florida?s long-term facilities. These measures were effective. Until a small recession hit the state in 2001.

With this minor collapse, many Florida retirees found themselves unable to afford their insurance premiums, which left them to turn to Medicaid. This sudden influx of Medicaid-dependent people put enormous stress on the system. One can only imagine the strain the recession of 2008 put on the system.

As Florida residents prepare for their golden years, they have much to consider when deciding whether to rely solely on Medicaid or to purchaseĀ long-term health insurance. As the decisions they make have the potential to affect many years of their lives, they warrant much contemplation and often benefit from the guidance of legal professionals who understand the pros and cons of both options. Those who want to ensure they have all the information they need to make the right decisions for their futures often turn to estate planning attorneys for help.

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