Posts Tagged ‘long-term care’
April 10, 2012 by Milton Jones
In my childhood, I recall people speaking fondly of living “to a ripe old age.” My own father lived to celebrate his 100th birthday. But old-age is not always a blessing. Longevity creates its own expensive problems, and many more of us are living much longer than in the past. In times past, the elderly lived with their children. Today, we live in a society where most of us can look forward to years of custodial care in a nursing home. Some of these places can be quite attractive, while others are places of squalor. All are expensive. Long-Term Care is one of our most expensive problems. Many people incorrectly assume that Medicare covers most of this expense. In fact, Medicare coverage usually provides only a limited number of days in Rehab or Skilled Nursing, and does not reach the more massive problem of “Custodial” care. The bulk of these expenses are borne by Medicaid grants, matched by funds at the State level. Private Long-Term Care insurance is a relatively new thing, having become a significant market segment only within the past 30 years or so. When people asked me about who buys this coverage, I would give the wry …Read More...