As many elderly people in Washington, DC and their families may already know, long-term care can be expensive. These days, Medicaid planning may not be enough to pay for the care that is needed. What's worse is that there is no guarantee that Medicaid and Medicare will be around for future generations.
Many Americans are concerned about long-term care, but few people are actually making plans for it. As people live longer, however, it is a growing concern. Further, as people have smaller families, there will be fewer adult children to take care of their parents as they age.
Currently, it is estimated that nearly 12 million people require some level of long-term care. It is anticipated that number will double over the next two decades. There is no way that a government program will be able to handle that many seniors. Many believe the solution is a marriage of public and private funding.
Long-term care insurance does exist now, but can be quite expensive. Moreover, not many people in Washington, DC can save enough money to cover the cost of long-term care. For this reason, many people believe the answer would be to have some sort of supplemental insurance that could as "Medigap" insurance does for those with Medicare. The supplemental insurance would cover the costs that Medicare or Medicaid does not.
There are a lot of things to consider when it comes to long-term care. Medicaid planning is a good start, but these days, much more planning may be needed. It can be difficult to anticipate just how much money will be required for long-term care. Many people may benefit from having advice and assistance in establishing a baseline of future needs and developing a plan to cover at least those minimum requirements, if not more.
Source: US News & World Report, Many Americans Worry About Cost of Long-Term Care: Poll, Amy Norton, Sept. 30, 2013