Over the last few years I have spoken to many of the baby boomers I grew up with and I found it very alarming to find that a large percentage of them think that Medicare will cover the cost of Long Term Care should they need it. Let me be the first (for many) to tell you that Medicare will not cover the cost of you or your loved one’s Long Term care, and thinking and planning for Medicare – the government to do so will put you in a situation you most definitely do not want to be in at a time when you are the most vulnerable.
Medicare pays for post-acute care for short periods of time only. When no other plans are made and you don’t have the resources to pay for your care, you will be able to qualify for Medicaid and Medicaid will pay for your Long Term care costs – that is, if there is any money left in the fund when you need it. The system is so over taxed right now that short of some miracle, you may never get a dime from Medicaid to help pay for Long Term care costs.
Is this a serious problem? You bet it is! Compounding the issue is that when I mention that 69% of my generation will need some king of Long-term care for an average of 3 years , I am told “I’m sure that I am in the 31% that won’t need any Long Term care” and this really concerns me.
What has happened to the generation I grew up in, a generation that took the bull by the horns and shaped their identity and their future, a generation that was anti-establishment through and through? Have we all gotten so soft that we now believe the government should take care of us? I realize these words may seem a bit harsh, but I have to say to all of us, how in the world are we going to have the future that we desire if we leave one of the most important things in our lives to fate?
I say that a revolution is needed. An EMPOWERMENT REVOLUTION!! We need to take the responsibility to get educated about what is available in the marketplace – products that will help us to pay for our longevity needs – the Long Term care costs we may incur as we age, and we need to do it today! Finding a financial planner who has a long-term, client centered view is imperative. Where can you find this kind of planner? It will not be easy, but taking some time to do some research will definitely pay off. Please feel free to contact me here through my site and I will send you a list of questions to ask your financial planner candidates that will help you to locate the best planner to meet your needs in your area.