“Older households at risk of not being able to afford long-term care, analysis finds,” by Kathleen Steele Gaivin, McKnights Senior Living
“Even with health insurance, many older adults are vulnerable to the costs associated with long-term care, according to a recent analysis published by the Center for Retirement Research at Boston College. … Many Americans underestimate the potential need for long-term care, meaning they may not have adequate insurance or financial resources to cover such needs if they arise, according to the analysis. More than 60% of surveyed individuals said they would consider spending down their assets to meet Medicaid enrollment criteria, and about a third said they would consider using their home equity or moving in with their children, according to the HRS study. Only a fraction of them would meet Medicaid’s strict criteria, the authors said.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Only a fraction would qualify for Medicaid? Wrong. That is the “fallacy of impoverishment.” The touted researchers at Boston College should know better. People with high assets and incomes routinely qualify for Medicaid LTC benefits. Eligibility criteria are not “strict,” but extremely generous. To understand what’s really going on with LTC, read the Paragon Health Institute’s “Long-Term Care: The Problem” and “Long-Term Care: The Solution” and watch this “virtual LTC event” featuring age wave visionary Ken Dychtwald and leading LTC researchers. To find ample private funds for LTC, check out Medicaid’s $100+ Billion Leak.