“One Family’s Lessons Learned From a Decade of Caregiving”

One Family’s Lessons Learned From a Decade of Caregiving,” by Claire Ansberry, Wall Street Journal


Quote:

“The family learned much along their decade-long caregiving journey, about setting up trusts, getting help in the home and respecting each other’s decisions. They think about a few things they would have done differently. … He worried about money, so Suzanne went with her dad to see an attorney specializing in elder law. He helped him set up a new trust to better preserve their assets in case either needed long-term care. It replaced an earlier trust set up shortly after Lucy was diagnosed with mild cognitive impairment. … In hindsight, Nick says, there are only two things he would have done differently. He would have gone to an elder-law attorney earlier to make sure their assets were in a trust that would better protect them from having to be spent down to qualify, if needed, for Medicaid’s coverage of long-term care costs.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

This heart-breaking story exemplifies what’s wrong with America’s long-term care system. Because Medicaid pays for most expensive extended care, the vast majority of people don’t worry about long-term care until they need it. At that point, Medicaid becomes the path of least resistance, with relatively easy financial eligibility especially when aided by an elderlaw attorney. The only solution is to retarget Medicaid to its originally intended clientele, the needy, and to redirect the middle class to private-pay options like reverse mortgages and private insurance. For analysis and answers, see Medicaid and Long-Term Care.