“What You Need to Know About Medicaid’s Personal Needs Allowance,” ElderLawAnswers
“The WA Cares Fund’s operational details are interesting, but its impact on consumer behavior is what matters here. Faced with an immediate cost related to long-term care, people behaved differently than before. Instead of ignoring LTC until they need it and then relying primarily on Medicaid if confronted with catastrophic care costs, people bought the private coverage to avoid compulsory payroll deductions imposed by the state. That outcome has important public policy implications. If we want more people to plan ahead and prepare privately for long-term care, we need to make LTC risk and cost more real to consumers earlier. One way to do that, the WCF approach, is to threaten them with compulsory payroll deductions enforced by the government. But surely there could be a less onerous way to achieve the same result.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Click through to the article to learn the better way to unleash LTC insurance and all forms of private LTC financing.
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