On 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. 

www.OwnYourFutureTexas.org is a new site with fabulous info on LTC planning. It is fun to look at and easy to navigate.

It has comprehensive info about LTC costs. It explains how LTC works. It even has calculators you can use to help you predict your likelihood of needing care, and how much it will cost.

Created by the Texas Legislature, www.OwnYourFutureTexas.org is a collaborative effort between private long-term care insurance providers, their authorized agents, and state government agencies, including the Texas Department of Insurance, the Texas Health and Human Services Commission, and the Texas Department of Aging and Disability Services.

If you live in TX and are between 45 and 60 years of age, you should have gotten a letter last week, introducing you to www.OwnYourFutureTexas.org . OwnYourFutureTexas’s tagline is “It’s your future. Own it. Stay in control of your future by planning wisely today.”