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Check
if Applicable q
I am an
American Baby Boomer (born between 1946 and 1964) q
I know
the aging of my generation will place great stress on America's social insurance
programs including Social Security and Medicare. q
I know
that providing and paying for long-term care (LTC) for aged and disabled baby
boomers will be especially difficult for the government and for individuals and
their families. q
I know
that friends and families provide 80% of LTC in their homes, which places a huge
emotional and financial burden on wives and daughters especially. q
I know
that the probability of needing 5 years or more of nursing home care after age
65 is almost 1 in 10 and that the need for care in an assisted living facility
may be even higher. q
I know
that the average annual cost of nursing home care in the U.S. is over $70,000,
that assisted living costs nearly $40,000 per year, and that these rates will
undoubtedly increase. q
I know
that Medicaid pays for 3/4 of all nursing home patient days, but that it rarely
funds the home and community-based care or assisted living which the elderly
prefer. q
I know
that Medicaid is a means-tested public assistance program (welfare) that
requires strict income and asset limits, and imposes severe penalties for
transferring assets to qualify. q
I know
Medicaid is intended only for the needy and that people who shelter assets to
qualify must repay the program from their estates (including the value of their
homes) when they die. q
I know
that Medicaid's rules for LTC eligibility are elastic, however, and that the
non-poor often qualify, especially with the aid of Medicaid estate planning
lawyers. q
I know
that Medicaid-financed nursing home care has a reputation for serious problems
of access, quality, reimbursement, discrimination, institutional bias, and
welfare stigma. q
I know
that Medicaid faces severe funding deficiencies and that nursing homes across
America are declaring bankruptcy for lack of adequate public financing. q
I know
that the likelihood of a new entitlement program to pay for quality LTC is nil,
because the government must save the Social Security and Medicare programs
first. q
I know
that people who pay privately for LTC command red-carpet access to top-quality
care and they can choose between the best home care, assisted living, and
nursing facilities. q
I know
that discussing the risk of LTC with parents is extremely difficult and that
considering the possibility I may need such help someday myself is even tougher. q
I know I
want my family to be part of the LTC solution, not part of the problem.
Therefore: q
I pledge
that I will start working on the problem of paying for LTC no later than age 40
and that I will have a solution (LTC insurance or a very large, earmarked
estate) by age 50. q
I pledge
that I will discuss the risks of needing LTC and the rewards of paying privately
for care with my parents and with my siblings. q
I pledge
that I will explore the alternatives available to me for financing my family's
LTC, including private insurance, home equity conversion and self-insurance
(savings and investment). q
I pledge
that I will help my parents protect their nest egg (my inheritance) from the
ravages of LTC by contributing to the cost of their insurance premiums or their
long-term care. q
I pledge
that I will not retain a Medicaid planning attorney to impoverish my parents
prematurely and put them in a nursing home on welfare, if and when they need LTC. or… q
I already
own private long-term care insurance. This
LTC Pledge for Baby Boomers was prepared by the Center for Long-Term Care
Reform, Inc. in Seattle, Washington.
The Center's mission is to encourage private financing of long-term care
and to reduce middle-class dependency on Medicaid.
We
do not endorse particular LTC insurance carriers, but we will provide a list of
leading companies and their phone numbers upon request.
The Center also publishes a free online newsletter called "LTC
Bullets" which anyone is welcome to receive.
For
more information about the Center for Long-Term Care Reform, Inc., including our
speakers' bureau, publications and online newsletter, please consult our web
site at www.centerltc.com/ or call 206-283-7036. |
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