Friday, September 25, 2009

After this Health Care Debate . . .

The nation is focused on how to provide health care and who should pay the bills.

The writers of the Constitution did not envision a cradle-to-the-grave kind of government that takes care of a citizen’s every need. But here we are.

Those on the political left want health care to be provided, in part or in whole, by a government agency with costs being passed to taxpayers. Those on the right insist they can pay their own bills or take out health care insurance.

After the legislative battles are settled - at least for a time - another gorilla will come out of the woods. With people living longer, the chance of a senior requiring 24-hour care in a facility is increasing. Consumer Reports says the average private room in a nursing home is $181.00 per day or $66,000 per year. It doesn’t take long to use up the savings of a lifetime. It is worthwhile reading the Consumer Reports evaluation of the need for Long Term Care (LTC).

Dave Ramsey says, “I strongly recommend LTC as part of your plan at age 60.” Dave is looking ahead to keep the family estate together.

Under the present system, it is necessary for the person requiring government-paid care to have only a small amount of money. Thus, the client must be reduced to a near-poverty level. The home must be sold and any money in banks dispersed to the patient qualifies for government assistance.

If LTC Insurance is purchased, it costs about $250 per month per person, depending on how early in life the policy is issued. Less than 10% of Americans get LTC insurance because it definitely interferes with buying big ticket items in the here and now.

The same bleeding-heart tax spenders will latch onto this critical need and off we will go for another round spending tax-payers money for something a senior should be looking ahead and thinking about on their own


Anonymous Elaine Scott said...

We have had LTC insurance for 6 years, and have recently been advised to drop it, because our present assets are low enough for us to qualify for "spousal impoverishment" rules, meaning that whichever of us needs long-term care could immediately qualify for medicaid,but I detest the idea of becoming a ward of the state, don't trust that such care would be the best, or that "they" wouldn't decide when I had lived long enough.
Just now getting into the whole Dave Ramsey thing, two classes down, eleven to go.

11:17 AM  

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