A Challenge Facing America - Funding Long

Term Care By Yosef Meystel

The recipient of an MBA from Indiana University South Bend, Yosef Meystel founded YAM Management in 2006. The firm manages several nursing homes in Illinois and one in Indiana. In a recent press release, Yosef Meystel discussed funding and other issues associated with nursing home care.

Introduction

As the baby boom generation ages, one of the major healthcare challenges facing American society will be the cost of long term care (LTC), whether provided at home or in a nursing home, assisted living facility, or other community facility. Health insurance, including Medicare, generally pays costs of medical treatment, but only in limited circumstances are elements of LTC considered medical treatment. The bulk of the care provided by LTC providers is custodial care, a category associated with helping patients to move about, bathe, dress, and feed themselves.

About Long Term Care and Costs

For those who can afford it, LTC insurance is an option, but applicants must be in good health when they apply, and premiums for good plans can be significant. Those whose health disqualifies them from LTC insurance, or those who cannot afford it, sometimes have other options available, including reverse mortgages, annuities, and life insurance policies. Planning for these eventualities is critical, and it is never too early to start.

Conclusion