Cte 4: Wo p fo log-Tem Ce?
50 and older has more than quadrupled in the past 13 years. A NewYork Times report published in 2007 estimates that over 15 mil-lion adult children are providing care for their elderly parents. Theaverage caregiver is a married, middle-class woman in her late 40scaring for her mother-in-law and/or her own mother, usually in thatorder. 28% of caregivers are men. Over half of those providing careare employed full time and another 13% work part time. Accordingto another report released in 2007, these caregivers experience thehighest rates of depression among all U.S. workers.Some well-meaning children insist they will personally providefor their parents’ long-term care. This is contrary to the wishes ofmost parents, who will do almost anything to keep from becominga burden on their children.But if you decide that relying on your family
a viable optionfor your plan for care, talk seriously with your spouse and chil-dren about the type of care they can and will provide. This optionshould be put in writing by accessing your online assessment at
This will ensure that everyone’s responsi-bilities are clearly outlined in writing. It may also be a good idea tohave your family members present when developing the specificsof your plan because the need for care often has less impact on theperson in need of care than it has on the rest of the family.
MEDICaID, ThE WElFarE prraM
Medicaid provides funding for approximately 45% of all long-termcare expenses in the United States. The federal and state-fundedprogram began in 1965 to provide medical care for impov erished,elderly, blind, and disabled persons who could not afford the costof care. The lack of other payment options, especially for nursinghome care, has resulted in a large portion of nursing home residentsrelying solely on the Medicaid program to pay for their care.
Eligibility for Medicaid
Medicaid laws have been revised many times since the creationof the program, which has resulted in a convoluted legal structureused to determine eligibility for Medicaid benefits. There arevarious “look-back periods” if you transfer assets, as well as assettransfer penalties, income caps, and waiting periods.