Study Finds That the Need for Long-Term Care Insurance May Be Overstated
A new study by Boston College's Center for Retirement Research indicates that purchasing long-term care insurance makes finan...
Read moreMuch has been made of the aging of the 'baby boomers' and the potential demands they will make on our nation's long-term care system. But a new report from the AARP's Public Policy Institute, 'Before the Boom: Trends in Long-Term Care Supportive Services for Older Americans With Disabilities,' predicts that over the next 20 to 30 years demand for long-term care'”especially the kind of care provided in nursing homes'”will grow only slightly, if at all.
The report forecasts that the baby boomers' need for long-term care services will not be a significant factor until after 2030, when the oldest boomers begin turning 85. Until that time, the demand for long-term care services will level off due to a number of trends, the report's authors say. For example, there will be a demographic shift to the 'younger old' over the next two decades, older persons are increasingly healthier than earlier generations, and the shift away from nursing homes and towards less restrictive alternatives like assisted living facilities and home care will continue.
The authors predict that these and other trends should create a much more consumer-driven market that will demand services that enhance consumer control, autonomy and dignity. They warn that public policy (Medicaid and Medicare) will have to adapt to these changing trends. The report concludes that the next 20 to 30 years, during which demand for long-term care should remain steady, are a 'window of opportunity' to make needed changes in the long-term care system before the boomers begin lining up in earnest for services.
For more on the report or to download it, go to: https://research.aarp.org/health/2002_15_trends.html
Local Elder Law Attorneys in Your City
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Read moreIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MOREIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
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READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
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READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
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READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
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