NY Times: Dying Broke: The Financial Drain of Long-Term Care

dancsfo

There's a good series of 4 articles in the New York Times. Gifted shared (for 30 days) article for one of them is here

The title and summary:

Facing Financial Ruin as Costs Soar for Elder Care: The United States has no coherent system for providing long-term care, leading many who are aging to struggle to stay independent or to rely on a patchwork of solutions

Quilting brings calm

Excellent article. Congress needs to explain how the middle class can possibly save enough money to pay for $100,000 a year care for more than 2-3 years even with pensions, Social security and 401k/IRA savings … or with only 1 or 2 out of all 3 sources.

People who say ‘ well you should be self reliant and my taxes shouldn’t help you’ need to answer the same question too.

Larrytherunner

The price of anything having to do with medical care in the US is outrageous. That is why I am so happy that I moved overseas after my retirement. I know that my wife's family will take care of me if I should get sick. A room in a private hospital here costs about 40 dollars a day. Maybe they don't have the latest in medical gadgets but the staff treats me very well and don't have to worry about losing my family's house and savings if I should need long term care.

Marta

There is another source: LTC insurance. I live in Washington state. July 1 payroll deduction for long-term care began.

dancsfo

https://alzconnected.org/discussion/comment/188649#Comment_188649

While I agree that LTC is a possible option, I recommend reviewing your individual situation and the policy terms carefully. Here is a good article from Nolo that describes the considerations.

Iris L.

https://alzconnected.org/discussion/comment/188649#Comment_188649

Marta, is your payroll deduction mandatory for all workers?

Is this LTC Insurance benefit a state benefit or a private benefit?

What I did is not applicable to most people, but since I knew I was ineligible to purchase a LTC Insurance policy years ago, instead I invested in a rental property. My intention is to be able to provide for any needed LTC with either rental income along with my other income or the property asset after sale.

Iris

Marta

Iris: the program is state funded and is known as the Washington Cares Fund.

Children of PWD: vote for candidates that would support such a program in your state. Potentially it will be portable across state lines.

Marta

The payroll deduction is mandatory for employees if the employee’s services are localized in the state, or are directed or controlled from Washington State.

This makes so much sense to me.