Although it is not pleasant to think about, there is a good chance that you or your spouse (or both) will suffer from a chronic illness or disability sometime during your lives and will need long-term custodial health care. This is expensive. According to the Health Insurance Association of America, the average cost of a nursing home exceeds $50,000 a year nationwide.

Medicare does not cover long-term custodial care.1 As a result, many people end up having to rely on Medicaid—the joint federal and state program that provides health care coverage to lower-income Americans. If you’re not poor and don’t want to become poor, Medicaid ... Log in to view full article.