LIFE Plan & The Future

I found an article on the Nebraska Health Care Association website on the LIFE Plan. This is my first time hearing of the plan. The plan states how it would make the individual more responsible for their long term care. The government wants to start a public education program on the subject and I think that would be a great idea. Each individual should be held liable for their future and most importantly planning for their future. I don't think many people are aware of or even care to think about getting older. Some people just take things day  by day, which in some instances is a good thing, but maybe not when it comes to long term care. An education program would be just the thing to get people thinking and moving. One can never plan too early for health care.

The LIFE Plan has some great incentives. Including what I stated above, individuals can purchase insurance plans that best fit them. They can also choose where and how they want to receive their care. This plan seems more flexible than other plans I have looked at. It gives the individual more freedom in their health care choices. Participation in the LIFE plan is strictly voluntary, however there are some penalities for those not enrolled. Anyone over the age of 65 and has done quite well for themselves, but are not in the program have to "spend down". This is a horrible concept and I think it really sucks to have to do this. The individuals income and assets are not protected if they are not enrolled in the LIFE plan.

The "spend down" concept is some what confusing for me. To save, and save over many years and then when the time comes and you may need Medicaid they tell you that you pretty much have too much money and wont qualify. I can understand that Medicaid has guidelines that they must follow and certain standards that each individual must meet, but it is still crazy.

Through my grandmother and taking this class I am learning how important it is to save up and plan for the future. Yes, it is scary to think about. I definitely don't want to think about getting older, but it is imperative and will make things easier down the road. My grandmother was a nurse and always had the know how on saving money. I am getting better at managing my money. I really have to save up now because I plan on going to graduate school within the year. I take what my parents and grandparents have taught me and make it happen.