A combination of an aging population, with 13% over 65-years-old and an expected 20% by 2030, and increasing Alzheimer’s rates makes planning for long-term care of increasing importance. High costs of care and lack of coverage for long-term care under the Affordable Care Act and Medicare make personal planning a growing priority. However, few older Americans, 10 percent, have long-term care insurance policies and many seniors are forced to rely on Medicaid to fill the gaps for their care. Medicaid planning is on the rise, which has resulted in states pushing back and tightening eligibility requirements.
See Bernard A. Krooks & Lawrence Frolik, The Graying of America, Wealth Management, Dec. 22, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
