“A massive wave of 77 million baby boomers is now entering retirement. Advancements in medical technology have increased the life expectancy of these Americans. Faced with a huge population that is living longer, America will experience a sizable future need for long-term care services and potentially exploding public and private costs”, The Long-Term Care Financing Crisis, Diane Calmus, The Heritage Foundation (February 6, 2013).
Long Term Care planning is more than just Medicaid planning. Considerations should be given to questions such as: What private funds are available to pay for expected Long Term Care services? Can Long Term Care Insurance be obtained that will cover expected needed services? How much will such insurance cost? How are Medicaid benefits and qualifications likely to change between now and when long term services are needed? With strained New York State and federal budgets, one thing seems certain, Medicaid benefits will not get better and qualification for benefits will not get easier.
Families regularly take their children on college tours so that colleges that best fit their child can be placed into the application pool. Perhaps it is time that adults 50 years of age and older visit assisted living facilities, Alzheimer’s units and nursing homes so that they can get an idea of where they would be most comfortable when they have a need for Long Term Care and plan how they will pay for it. With such tours baby boomers can learn whether the care provided in a nursing home is likely to be as friendly, attentive and professional as elsewhere. They can see what types of activities are available with each option type and observe the dining rooms and sample meals as well. Baby boomers need to be aware that in New York State there are few assisted living facilities that accept Medicaid as payment. Medicaid is largely available to pay for nursing home care.
Determine how you want to live and tell your children. If you let your children decide on how and where your Long Term Care will be provided, it may not be provided in the venue you would have chosen. Take control of your future and plan for it today.