Reply to Panicked about finances now that I see how expensive eldercare is

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people who need long-term 24/7 care need it for 2 years or less (because they pass away) so save up enough for that.[/quote]

That is a ridiculous assumption.  It works out for you to believe this, but you have no idea what to expect. [/quote]

No, PP is correct that the average reliance on long-term care - in-home or nursing home - is 2 years.

https://www.morningstar.com/articles/823957/75-mustknow-statistics-about-longterm-care.html[/quote]

My relative that bought long term care insurance for her husband said that the cost of the long term care insurance was about break even at two years of care.  So you are betting you’ll live longer than two years, and they are betting you won’t.

The more I learn about Medicaid coverage of long term care, the worse it seems.  It’s literally not enough to cover the cost of care so nursing homes either won’t accept it or only accept it by gaming the system in other ways.  [/quote]

What are you talking about, yes medicaid LTC covers the full cost.[/quote]

The nursing homes are losing money on the Medicaid patients.  They cannot afford to run decent nursing homes on what Medicaid pays, because it hasn't been properly indexed to inflation.  As a result, nursing homes use Medicaid patients to fill some extra beds while they chase the private pay and Medicare post-acute dollars.  Or they cheap out with things like manipulating the staffing figures so that they can look like they meet the minimum staffing numbers even if they don't, or find other ways to game the system.  Do some research into the economics of the industry and its fairly frightening.  It's gotten much worse in the last decade or so (although it does vary by state program).[/quote]

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