Question: Which of your children will be able to provide your long term care?
Answer: Children often express their willingness to provide long term care services to their parents, when in reality, even though it is well intentioned, this is not a realistic expectation. With smaller families living farther apart and the fact that only about 7% of the families in the U.S. are "traditional" families consisting of married couples with children and only the husband working, there is little probablity of care by a family member.
Question: What are the odds that I will need care?
Answer: Many peole find it hard to see themselves needing hands-on-assistance with basic living activities like bathing, dressing and eating. We will typically avoid thinking about these needs altogether. However, the government reports that 70% of people who reach age 65 will require some type of long term care in their lives. So the real question is how long will I need to receive care services.
Question: What is Medicaid?
Answer: Medicaid is a state and federally funded program designed to provide services to low-income people. Basically, this is welfare and your ability to secure the type of care you would want is very limited. To receive Medicaid benefits you must spend down your assists to a certain income and asset requirement. Medicaid is the plan of last resort. For more information regarding Medicaid and specific details on this government program, please visit the Medicaid Website.
Answer: This health insurance program is for people age 65 and older or under age 65 with certain disabilities but was never designed to bear the expense of long-term or extended health care. Medicare generally is not the primary contributor to defraying the high cost of the long term care contrary to a popular misconception.
For more information regarding Medicare and specific details on this government program, please visit the Medicare Website.