About 15 years ago – for personal reasons - I made a commitment to help families qualify for long-term care benefits through Medicaid. A few years after that I incorporated the Veterans Administration “Pension”, as a benefit to help veterans’ families pay for long-term care (LTC).
Now I have stepped away from that practice. I hate to break my promise to myself, but I did it for a couple of reasons.
#1. The first of which was to once again focus on helping families preplan for Retirement and the possibility of needing Long-Term Care. It was my original mission many years ago, but I soon saw the great need for LTC “Crisis Planning” - a looming epidemic.
Now, I’m returning to that original mission. Why?
Reason #2: The bureaucrats have worn me out.
Ask anyone who helps families qualify for Medicaid or VA benefits. For years we have asked ourselves whether the bureaucrats are (a) incompetent, (b) overwhelmed, or (c) getting some secret directive to “delay & deny”. All of the above? Most likely.
The bottom line: Every day VA Aid & Attendance and Medicaid both get more difficult to deal with. Both spend more money than they have, to support the elderly.
Unfortunately, “You ain’t seen nuttin yet!” Both programs are overwhelmed. Present benefits can’t continue, and the Baby Boomers have not even gotten to their prime Long Term Care ages yet. These the Baby Boomers are going to find out the hard way. Those who prepare now to pay for LTC should be OK.
Simply put: Benefits WILL NOT be even as good or accessible as they are today.
So, I will leave the bureaucratic mess to the younger fighters. I will do all I can to show those in their 50’s, 60’s and 70’s the relatively painless new ways to prepare ahead so they do not have to rely on the government.
But the GOOD NEWS: The insurance industry has responded to the impending crisis. Products and services today make planning both simple and (almost) painless. Gone are the days when you had to bust your budget to pay for a policy you may never use!
While there are many options, the most popular allow you to transfer existing savings (CDs, investment accounts, annuities, you name it) into products that retain their status as your Nest Eggs, but multiply in value if ever needed for Long Term Care.
They are worth a serious look and may be a Legacy Rescuer.