By Deborah M. Higgins/President/Higgins Capital
Last month we discussed the coordination of long-term care needs with government benefits. With the current shutdown of government services, it’s good to know what is affected and what isn’t. Check out this link: U.S. Government Shutdown Explained.
Social Security benefits are NOT affected during the shutdown.
Medicare is NOT affected during the shutdown.
Both Social Security and Medicare programs have funding sources that do not depend on annual spending laws in Congress.
Medicaid should see little impact from a shutdown of modest duration. The federal funds for this joint state-federal program are sent to states on a quarterly basis.
Medical care at a veterans’ hospital is NOT affected by the shutdown.
Medicap and Long-term care insurance are sold by private companies and are NOT affected during the shutdown.
This is the latest in a monthly series by Deborah Higgins of Higgins Capital to help families, especially those with seniors, best plan their financial future. The articles run the second Wednesday each month.