Home arrow Blog arrow Medicaid stifles long-term care insurance
Medicaid stifles long-term care insurance
Leave it to Medicaid, a state-and-federal run health agency for the poor, to slow things down.  The problem is that when these bureaucratic government agencies pay for long-term care, but they usually only pay for nursing home care.

Here's the thing: if people took initiative and had their own private long-term care insurance, they could afford caregivers and respite care. As a result, you'd see stress and burnout immediately take a decline and the quality of lifewould improve for all. The worst fear of many, according to my annecdotal evidence, nursing home care, would be prevented or delayed.

What needs to happen is we need to target Medicaid to those who are truly in need.  One way this could be achieved would be to make sure that those with assets not take advantage of the system.  For example, we need to eliminate or at least drastically reduce this welfare program’s home equity exemption.  Doing so would then have the affect of encouraging the use of reverse mortgages to pay for long-term care.  Once home equity is put at risk for long-term care, people will have a reason to buy long-term care insurance.
 

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