Credit Erik Jacobs for The New York Times”
by Ron Lieber
DEDHAM, Mass. — “A dozen or so years into retirement, Rita Sherman had plenty going for her financially.
“Recently widowed, she had a net worth of roughly $600,000 as of 1998. Her health was excellent, and she dutifully purchased a long-term care insurance policy that would cover three years of nursing home costs should she ever need help. Watching over it all was her daughter, a medical social worker, and her son-in-law, a financial planner.
“By the time she died at the age of 94 last year, however, all of the money was gone after a diagnosis of dementia and five and a half years in a nursing home. Like so many people who never see it coming, she’d gone from being financially comfortable to qualifying for Medicaid.
“This is the same Medicaid that our representatives in Washington are aiming to cut right now.”
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