[…] The possible instability in Medicaid only serves to highlight the importance of coming up with a strategy – preferably while still young and working – to pay for future long term care services. Whether or not Medicaid will still be able to provide its current level of benefits 20 years from now is unknown. It’s more important than ever to start saving now, plan for the purchase of long term care insurance, or figure out some other way of covering potential future long term care costs.
[…] Preparing financially for future medical care is obviously a major task, but it’s one that needs more planning that simply purchasing insurance. Yes, long term care insurance and Medigap policies will help to pay for care that isn’t covered by Medicare, but people also need to make sure that they have a financial strategy in place for paying for care that isn’t covered by insurance, and for dealing with premiums that can and do rise over time. […]