Four Steps to Reforming Long-Term Care
Although it is optional, every state provides a long-term care benefit through its Medicaid program--and not just to the poor. Medicaid is paying for the long-term care of a growing number of middle-income seniors, and this is one of the fastest-growing areas of state spending.
At the time they retire, most seniors do not meet Medicaid income and asset tests for long-term care coverage. But by "spending down" their assets, over time a great many eventually do qualify. In fact, an entire industry of attorneys practicing "elder law" has sprung up in recent years to help seniors transfer assets in order to qualify.