The cost of long-term care sends many family’s finances into a tailspin. Even if they have long-term care insurance, not everything is covered, and a lifetime of savings can be decimated quickly, leaving a well spouse in a precarious position. Working with an Elder Law attorney to strategize and structure and estate so a couple can access Medicaid resources without destroying the family’s financial picture is a necessary step, and it’s one we Elder Lawyers help families with routinely.
The New York Times recently reported on how Washington State tried to put a payroll tax in place to help cover long-term care in a nursing home, a personal residence or elsewhere (“One State’s Quest to Introduce Long-Term Care Benefits”). Unfortunately, AARP came out against it, and the proposal did not become law.
As boomers increasingly swell the ranks of Medicare, Social Security, and Medicaid, paying for long-term care will become more of a challenge for state and federal governments. Public policy must address this issue and sooner would be better than later.