Why You Should Consider Early Long Term Care Planning
Long term care plans are not optional but compulsory, although not according to the law. It’s the responsibility of every individual and his family to discuss the matter as early as possible as the cost of care is never going down.
If you look at the records of the U.S. Census Bureau you will realize that the elderly population of the country is increasing rapidly. The total number of elderly folks at present is 39,000,000 but 18 years from now, according to demographers, this number will skyrocket to 74,000,000.
With people living longer, the U.S. should be the envy of other nations but the problem is that only a fraction of its large elderly population is financially prepared for the cost of long term care (LTC) which is expected to quadruple in 2030.
In the past years, Medicaid, a federal and state managed health insurance program, shouldered a chunk of the nation’s LTC expenses because very few Americans have managed to self-insure and receive long term care insurance (LTCI) coverage.
When 2011 stepped in came the government’s order to restructure the Medicaid system to enable it to recuperate from its budget deficit. Those individuals who were receiving LTC in nursing homes for the longest time via Medicaid had to be sent back to their homes or to a community-based LTC facility where they continued to receive assistance from Medicaid without threatening its entire budget.
Families of these elderly people who were ejected from nursing homes were not very happy with the decision made by the government because it could’ve deteriorated the condition of their loved ones. Unfortunately, there was nothing else the government could’ve done to preserve whatever is left of Medicaid’s funds for other health care services besides LTC.
Should Medicaid Be in Your Long Term Care Plans?
Medicaid is actually designed for poor families, those who are earning an income that is below the poverty level. Looking at it as an option for your LTC would be selfishness especially if you are much capable of investing in a good LTC plan.
Instead of joining millions of Americans in hoping for Medicaid eligibility, you’re better off with your own personal LTC plan. It would take time to complete your plan because there are so many factors to consider so you have to start early.
If you’re wondering what these factors are, there’s the cost of care in your area. Your purpose for coming up with a plan is to avoid spending for care, or if you must it should only be loose change.
Then there’s the type of care that you will probably need 30 or 40 years from now. To be able to determine this you have to study your family’s health history first. If it reveals a history in cancer, Alzheimer’s, stroke, or heart diseases, you should definitely consider nursing home care since you could end up requiring serious care.
Perhaps if you would go around and interview people with long term care plans, they will tell you that before they got on with planning they went to see the doctor first. You should probably take their advice as the current state of your health will significantly affect your plan, too.
Processing your request, Please wait....
