Long-term care has become a recent topic of conversation in Washington, D.C. Recently, President Biden announced a plan to spend $400 billion over eight years on home and community-based services for the elderly and those with disabilities. He introduced this plan as part of the American Jobs Plan, which would expand access to care and support higher wages for caregivers.
While it’s encouraging that some members of our government recognize that people — and their well-being — are part of this country’s foundation, there are never any guarantees that there will be enough funding to help families off-set their long-term care needs. Therefore, we encourage everyone to start thinking about long-term care planning as early as possible.
Even as lawmakers attempt to address the United States’ long-term care system, it will become even more strained as the elderly population grows (the U.S. Census Bureau projects that, by 2030, one in five Americans will be over 65 years old). As of now, there are no specific details available about the plan, but it does propose to expand long-term care services under Medicaid.
“Even before COVID-19, our country was in the midst of a caregiving crisis. In addition to caring for children, families feel the financial burden of caring for aging relatives and family members with disabilities, and there is a financial strain for people with disabilities living independently to ensure that they are getting care in their homes,” according to the White House’s American Jobs Plan Fact Sheet. “At the same time, hundreds of thousands of people who need better care are unable to access it, even though they qualify under Medicaid. In fact, it can take years for these individuals to get the services they badly need. Aging relatives and people with disabilities deserve better. They deserve high-quality services and support that meet their unique needs and personal choices.”
There are options when it comes to building a long-term care foundation for you or a loved one such as, purchasing long-term care insurance, placing assets in trust and being prepared in advance to navigate Medicare, Medicaid and Social Security. There are financial moves that can be made in advance to prepare for the future. These options each come with their own complex rules and regulations based on local, state and federal laws.
Planning for long-term care by developing a smart financial plan can help the elderly and those who care for them make a difficult time more manageable. Having an elder law attorney guide you through the process helps to mitigate risk and ensure the health, comfort and safety of you or your loved ones now and in the future. Call us at 856.782.8450 so we can help you make a long-term care plan.