Long term care can be paid for in various ways. Many people have the misconception that Medicaid is only used by people who are poor and cannot afford assistance. According to the article, Medicaid helps millions of people of all ages who have disabilities and who need long term services. There is no straight solution to help all people who need long term care. Those who cannot afford it have to go without. The different options for funding care include family caregivers, private long term care insurance, out of pocket spending, and Medicaid. Paying out of pocket can be very difficult because it draws down assets. Medicaid can help formerly middle income Americans.
The article goes into the cost that unpaid caregivers sacrifice. In 2007 in the United States, 34 million people 18 years or older provided unpaid care was at an estimated $375 billion (Fox-Grage & Redfoot, 2011) . That amount was greater than Medicaid spending for both medical and Long term services. Family care givers put themselves at risk for becoming patients themselves due to physical and emotional stress of the care giving.
Private insurance pays for less than ten percent of the nations long term care. Medicaid has proven to be the better option for the elderly. About 7 out of 10 people turning 65 will need long term care services during their lifetime
Fox-Grage, W., & Redfoot, D. (2011). Medicaid: A Program of Last Resort for People Who . AARP Public Policy Institute , 1-4.
