paying for long-term care
Here is the remainder of the article that discusses the recommendations that a federally created commission found in determining how to manage the pending financial crisis as American age.
The average person thinks that Medicare will take care of the costs for long-term care, but it doesn’t. And without a large savings or retirement or Long-Term Care insurance, they will have no resources to draw upon.
Plus most programs that were state or federal have been eliminated due to budget issues and many families will be at a loss on how to pay for these costs.
The obvious solution, will be to use funds from a Reverse loan.
Here is the last part of the article.
Committee Touts Reverse Mortgages Among Solutions to LTC Crisis
Alyssa Gerace, Septermber 18, 2013
The commission also recommended several ways to tighten Medicaid eligibility for people aged 62 and older by considering assets that are currently excluded from eligibility tests as countable, and by removing opportunities for “gaming” the program rules.
Public resources should be focused on providing care to the needy and poor, not the better-off households who are then able to leave large bequests, says the report. Limiting how much home equity is allowed for Medicaid eligibility could encourage people to turn to a reverse mortgage.
“Limit the home equity exemption to $50,000 (this would redirect many households to use reverse mortgages to fund LTSS and discourage the game of investing otherwise countable assets in exempt homes),” the commission proposed.