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The Financial Cost of Medicaid

medica-150x150During the past twenty years, the medicaid expenses faced by every state in the country has been staggering. As more Americans lose their jobs, they turn to medicaid for basic medical treatment.

In New York State, more than 4.5 million residents are covered by medicaid. It is projected that more than $52 million will be spent by the state on medicaid this year.

President Obama’s -healthcare reform law will increase medicaid enrollments in the year 2014.

If New York and other states are going to survive, they must find a way to reduce their medicaid expenditures. New York Lieutenant Governor Richard Ravitch has recognized the need for a comprehensive strategy to deal with the cost of long term care for New York residents. Mr. Ravitch points out that long term care accounts for almost 50% of all medicaid spending in the state of New York.

Mr. Ravitch has suggested that New State establish an “innovation center to develop new ways to deliver and pay for healthcare, increase support for preventive care and reform medical malpractice”.

Mr. Ravitch has requested that the state’s political leaders change the medicaid financing formulas that exist in New York. Mr. Ravitch is right. Medicaid is bankrupting the state of New York as well as many other states. A detailed study must be immediately undertaken to determine what methodology needs to be used to reduce medicaid expenditures throughout the United States. Individuals need to be personally responsible for their long term medical care. In our society individuals should have appropriate medical treatment available to them; however, this medical treatment and long term care must not be at an unlimited cost!

In the event you have elder care issues involving wills, trusts, medicaid eligibility, probate or contested wills and estates. Contact the Law Offices of Schlissel DeCorpo at 1-800-344-6431, or by email. We can help you!

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