The Presidential election is only 12 days away. Yet I haven’t heard a peep out of Obama or Romney about long-term care.
Romney has said he’ll cut programs that support the elderly and give states more flexibility in how they offer these services. His cap on Medicaid spending would mean big cuts in long-term care.
Obama claims he won’t change a thing and of course has criticized Romney’s cuts while he’s hanging out at retirement communities begging for votes. It sounds good, but he doesn't have a plan on how to pay for it. Not a clue.
His CLASS Act as part of Obamacare was designed to be a national voluntary long-term care insurance program but never got off the ground. It was an absolute failure before the ink was even dry. Just like I predicted it would months before he threw in the towel.
So where does this leave you … the retiree or the soon-to-be retiree who may be concerned what will happen if your health changes?
Apparently long-term care is not a priority for either candidate. Therefore, no matter who wins on November 6, you are on your own. And the sooner you come up with a strategy, the better. If you’re not sure where to begin, pick up a copy of my book, A Boomer’s Guide to Long-term Care.
P.S. I’m now on Twitter. Follow me at http://twitter.com/efinancialwrite for frequent updates, personal insights and observations on how to have a healthly retirement.
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