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Asset Protection
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- Medicaid Compromise in Health Care Bill On the Chopping Block
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Posted on 4/29/2010 - Health Care Debate: Long Term Insurance Overhaul...
Posted on 1/5/2010 - Survey uncovers surprising long-term care myths and facts...
Posted on 10/29/2009 - Healthcare reform may offer another option for long-term care planning...
Posted on 10/25/2009 - Will Pennyslvania lawmakers divert Medicaid stimulus money?...
Posted on 7/29/2009
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Asset Protection
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- Gift tax annual exclusion to remain unchanged in 2010. Contact us to see how this factors into your estate plan
- Gift tax annual exclusion to remain unchanged in 2010. Contact us to see how this factors into your estate plan
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Healthcare reform may offer another option for long-term care planning
Posted on Oct 25, 2009
Many Pennsylvania residents face the same issue when they near the end of their life – they no longer have money to pay for their own nursing home or long-term care, and have to rely on the government for assistance.
In an effort to provide additional options for Americans struggling to plan for their future, Congress has included a provision in the massive healthcare reform bill for a government-run long-term care insurance program.
Proponents of the program see it as a good thing, as they hope it would eventually reduce the strain on Medicaid. While Medicaid is intended to help low-income elders pay for their nursing home care, many people find themselves turning to it for help after their personal savings are drained.
With the cost of nursing home care averaging about $75,000 to $90,000 a year, many people who are initially able to pay their own way run out of money and end up needing help from Medicaid. A long-term care insurance program would help those individuals and slow down federal and state spending on Medicaid.
Of course, the bill hasn’t been passed yet, and critics worry that yet another government program would eventually require a taxpayer bailout. It remains to be seen if the healthcare bill will pass – with this proposed long-term care insurance program included.
Read More About Healthcare reform may offer another option for long-term care planning...
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