The following article was written last September, but is certainly still relevant now as it was then, drawing attention to the pending crisis on how to pay for long-term-care as the population ages.
10,000 Boomers are turning 62 each day and most of them won’t have enough savings to pay for any medical crisis that could occur as they age and most of them have not purchased Long Term Care insurance.
Federal and state governments are concerned about the financial impact that will effect programs, many of which have already been discontinued due to lack of funding and the families of seniors.
Here is the first part of the article and I will share the rest of it in two more posts.
Committee Touts Reverse Mortgages Among Solutions to LTC Crisis
Posted By Alyssa Gerace On September 18, 2013 @ 6:14 pm In Reverse Mortgage
“The federally-appointed Commission on Long-Term Care included reverse mortgages as a way to fund long-term services and supports among other recommendations to Congress on how to address the needs of the aging population.
On Wednesday, the committee submitted the final report to Congress following a Sept. 12 vote in favor of its recommendations, which are meant to renew national discussion regarding how to address the issues and challenges of the aging American population. The vision is to create “a more responsive, integrated, person-centered, and fiscally sustainable LTSS delivery system that ensures people can access quality services in settings they choose.”
Currently, the federal and state governments pay for 62% of paid LTSS, amounting to more than $130 billion a year, the Commission’s report says.”