The article correctly points out that everyone believes Medicare is the magical panacea. Unfortunately, Medicare was not designed to do all that it has been doing, and as more restrictions are imposed on the program, the problem will only be further exacerbated.

Many long term care insurance policies that were written 15 years ago are beginning to be utilized by policy holders seeking to foot the care expense. However, there too, in many cases, the benefit is difficult to obtain and hurdles must be overcome before the benefit starts to pay (ie 180 day elimination period before requires the policy holder to continue paying their monthly premium and 180 days of care before the benefit is effective).

I frequently visit with human resource managers and top level decision makers to discuss the costs of employee absenteeism resulting from a breakdown in a family’s child care and elder care arrangements (estimates are $2,500 per employee, per year). Convincing them to offer home care as an employee benefit, although most see the advantages of offering such a benefit, is often difficult/impossible as many are focused on slashing expenses and are unable to rationalize incurring any additional costs at this time.

The recent (8/09) Genworth Financial report does a fantastic job breaking down the current and projected increased costs of home care, assisted living and nursing home facilities nationally and by state. Fortunately, as it is currently projected, the costs of supplemental home care (both current and projected ) are still far more reasonable than the costs of placing mom or dad in a facility.

I struggle to work and look after my own mother, l have no children, but l am married, l am not worried about myself for the future, but for society, children are not as loving and considerate as we was when we were children, and l have not faith any governments.

Great point that long term care insurance can be more affordable if purchased at a younger age, however, I would caution that people read the fine print of what is and is not covered very carefully. I’ve heard many stories over the years from aging adults and their caregivers that the long term care insurance they thought would pay for the type of care they wanted/needed didn’t apply. Again, the goal should be buy it early and be really clear on what you are buying.

Thanks,
Cali Yost