Hassle-Free Health Coverage: The Last Resort: Medicaid

If insurance companies consider you uninsurable -- because of your age or a pre-existing condition -- you probably can obtain coverage for a state-sponsored health insurance program.

These programs should be used as a last resort, because they typically offer only limited benefits, are expensive and usually include a waiting period before your coverage kicks in. But at least they're there, if you need them. You can find out about these plans by calling your state insurance department.

Medicaid provides medical assistance to low-income families and individuals of all ages. The program

works well for seniors who have run through most of their assets. In fact, The Health Care Finance Administration reports that about half of all Medicaid spending goes to people who had financial resources when they entered a nursing home, but reached the poverty level while they were there.

A third of the $55-billion-a-year budget for Medicaid goes to those over 65, primarily to support them in nursing homes.