Medicaid and long-term care planning

Posted by on Jun 27, 2014 in Long-Term Care Insurance, Long-Term Care Planning | 0 comments

Many advisors when discussing long-term care insurance will get the push back from clients of, “I plan to go on Medicaid”. While that seems like a good money saving option while clients are healthy and working it could be a decision that clients may later regret. Many states are looking at cutting Medicaid all together because of the cost and budgetary constraints.

“One-third of elderly Medicaid enrollees used long-term care services, but they accounted for 86 percent of all Medicaid spending on the elderly”  (Sadler, 2014).

With the uncertainty of Medicaid and the fact that it puts clients at the will of the “system” many of their decision making opportunities such as which facility they would like care from and if they would like a roommate or not will be stripped.

Jeff Sadler wrote, 4 things to know about Medicaid, long-term care. This is a great article to begin discussion with any client, employer or individual about the importance of long-term care planning and the potential future of Medicaid.