I recognize the hardship this draconian health bill will cause the disabled and the poor; nonetheless, lots of middle-class folks don’t care. Even the effects of the opioid crisis doesn’t move them, unless they personally know someone affected. Long term care, however is another story:
It’s a classic case of denial. Roughly half of Americans above the age of 40 believe “almost everyone” is likely to require long-term care as they age. Just a quarter think they will need it for themselves.
The truth: 70 percent of Americans older than age 65 will need some form of long-term care…
The problem will only become worse as America grays, with the number of seniors expected to nearly double by the time the last of the baby boomers turn 65. In 2030, seniors are expected to make up 19 percent of the U.S. population — up from 12 percent in 2000.
My job involves a lot of retirement planning. It’s a rare client in his/her 50s who doesn’t have a parent receiving some form of long term care, and yet most acknowledge that they have no plan in place to pay. For them Medicaid is the default option. Here's the thing, though:
Medicaid, known as Medi-Cal in California, was never intended to cover long-term care for everyone. Now it pays for nearly 40 percent of the nation’s long-term care expenses, and the share is growing. As Baby Boomers age, federal Medicaid spending on long-term care is widely expected to rise significantly – by nearly 50% by 2026.
My clients invariably think Medicare covers Long Term Care (it largely doesn’t). If I had a way to reach the GOP’s middle class support, here’s what I would tell them, loud and clear:
You will not have access to a nursing home if the GOP health care passes. Your parents will be sent to you to care for when their nursing home closes for lack of funds. You or your children will take care of your spouse, regardless of your abilities. And don’t be alone when you age, because there will be no safety net to help you.
I cannot imagine the cruelty of a country that would let that happen. Then again, there’s a lot of things that have happened recently that I couldn’t have imagined either.