Long Term Care and the Federal budget

For those of you not familiar with Long Term Care, this is the type of care a person receives in a Nursing Home, or in many cases today, at home. Whether from an illness at any age, or due to ailments of old age, there are often many instances where people need assistance in what we would call simple things like being able to get dressed, or even eat. Sometimes illness prevents us from being able to do these things, and Long Term Care insurance pays to have someone other than a family member assist with these 'activities of daily living.'

Unfortunately, only about 10% of people buy private insurance, and most claims are still paid today by Medicaid. Approximately 40% of the entire Medicaid budget in the USA goes toward paying for Nursing Home care for the elderly. Unless more of the public begins to wake up and purchase private insurance, the federal budget will be more and more at risk for insolvency.