From my America Out Loud Pulse podcast with Stephen Moses – https://www.americaoutloud.news/living-longer-is-great-but-we-need-reforms-to-reduce-dependency-long-term-care-solutions/
People are living longer and by 2030 about one in five Americans will be aged 65 years and older. According to a Kaiser Family Foundation survey, about 8 million people 65 and older (20 percent) reported that they had dementia or difficulty with basic daily tasks like bathing and feeding themselves. Worse yet, about 3 million of them had no assistance at all. Family or friends were their only option. But these days, family members are scattered across the country and your friends may be in as poor physical health as you are.
Kaiser Family Foundation also found that 83 percent of adults surveyed said it would be impossible or very difficult to pay $60,000 a year for an assisted living facility. The inability to afford professional help can tear families apart. As parents age, their personality may change for the worse. A professional is trained to deal with the negative psychological and physical aspects of growing old. Families may find that the only way to get help is to put their parents in a nursing home. What will they do if the parents do not want to go? Sometimes the children find that the nursing home is not too pleasant but it is the only one in the area that takes public insurance (Medicaid).
The cost of long term care can be upwards of $100,00 per year. While there can be a huge financial toll and the loss of all your savings, the emotional toll is worse. Comments in a blog from folks who are caregiving for their loved-one can be heartbreaking: “Feeling like there is no honorable way out”; “crying out of pure exhaustion and grief”; “not being able to ‘fix’ what is wrong”; “having to be close by at all times and never getting a break.” “I lost my husband [recently] and I don’t think I could handle losing her. I am here at home with her 24/7 with, as you say, no end in sight.” There has to be a better way for the elder and their family.
Many people think that Medicare will pay for long term care of your choice indefinitely. Not true. Too many people end up on Medicaid with its limited options. Planning can make it so your future is what you want it to be.
My guest will discuss the reforms to reduce dependence on Medicaid and free up private financing to fix the LTC challenge.
Bio
Steve Moses is president of the Center for Long-Term Care Reform. The center promotes universal access to top quality long-term care by encouraging private financing as an alternative to Medicaid dependency for most Americans. Previously, Mr. Moses was president of the Center for Long-Term Care Financing (1998-2005), Director of Research for LTC, Inc. (1989-98), a senior analyst for the Inspector General of the U.S. Department of Health and Human Services (1987-89), a Medicaid state representative for the Health Care Financing Administration (1978-87), an HHS departmental management intern (1975-78), and a Peace Corps volunteer in Venezuela (1968-1970). He is widely recognized as an experienced expert and innovator in the field of long term care. His recent monograph on the issue is Long-Term Care: The Problem and Long Term Care: The Solution.
