KIRKLAND, Wash. — Though both Obama and Clinton promise comprehensive healthcare plans, long term care will continue to require separate, private funding. Will the next President introduce healthcare reform? “Probably,” says Cameron Truesdell, CEO of one of the nation’s most experienced long term care insurance agencies, LTC Financial Partners LLC. Will the new system — Obama’s, Clinton’s, or perhaps McCain’s — cover all healthcare needs? “Absolutely not,” says Truesdell. A huge area where American’s must keep on fending for themselves is long term care. That’s the help with daily living provided by nursing homes, in-home care services, and family members who all too often leave work to tend an incapacitated parent, spouse, or child.
“No way can any federal program afford the enormous, open-ended costs of long term care,” says Truesdell. “Medicare doesn’t cover it now. Neither does Medicaid except for the destitute or those who have exhausted their own resources.” In fact, as Truesdell points out, recent legislation has cracked down on Medicaid abuse, making it harder for people with means to qualify.
“If you wait for the election, or government action of any type, to plan for your long term care, you’re only jeopardizing your own future,” he says.
For the vast majority of Americans, including the 77 million Baby Boomers nearing retirement, long term care is and will continue to be a matter of individual, private planning, Truesdell asserts. “You either need to save for it big time, or get long term care insurance,” he says. “For all but the ultra-wealthy, who can afford to self-insure, LTC insurance is the answer.”
Truesdell’s organization includes 500 long term care experts who advise individuals and businesses on appropriate plans, available tax breaks, and alternative carriers. “Our people also work with estate planners and financial advisors that in turn advise their clients,” he says. “What most people don’t realize is that LTC insurance is good for more than your physical health; it’s also good for your financial health — because it protects your hard-won assets.”
A state by state listing of the 500 experts is available at http://www.ltcfp.us/ltcfp/dont-wait.html.