Food for Thought
Wednesday, February 24th, 2010On being able to sustain our current methods of funding long-term care:
“Medicaid is the principal funding source for long-term care (LTC) throughout the United States. Although LTC users are only seven percent of the Medicaid population, they account for more than half of the program’s costs nationally.” Stephen Moses, The Center for Long-Term Care Reform
“Within 12 years, without an increase in interest rates, the single-largest line item in the federal budget would be interest on the federal debt. That means more than defense, more than social security, more than Medicare.” David Walker, Peter G. Peterson Foundation
Long-term care is expensive. One year of care in a nursing home, based on the 2008 Texas average, costs over $43,000 for a semi-private room. www.ownyourfuturetexas.org
On the urgent need for responsible long-term care planning:
The lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people age 65 and older. - The American Association for Long-Term Care Insurance (AALTCI)
“The greatest risk is not the longevity of this bear market, or even another bear market. It’s the devastating cost of long-term care.” – Terry Savage, nationally syndicated Chicago Sun-Times personal finance columnist.
