The Truth About the Government’s Cost for LTC
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Today the federal government pays for 62% of Long term care services to the tune of $130 Billion dollars a year. That’s a problem the federally-appointed Commission on Long Term Care brought to light in their report to Congress. The committe’s goal is to renew discussion on aging challenges and a more fiscally sustainable system. Today that system is broke and unsustainable when it comes to providing services to American seniors.
Unfortunately healthcare, retirement income and long term care are generally dependent upon and deliverd by or administered by the federal government.
I’ve argued for years that Medicaid eligibility should require the use of home equity before qualifying. The commission agrees advocating for tightened eligibiliy for those 62 and older by requiring the consideration of assets that are excluded today and thus removing the opportunity to ‘game’ the system at the government’s expense.