Though our present gerontocracy suggests otherwise, we’re currently wading through the largest wave of people hitting the retirement age in American history. This “silver tsunami” wildly increases the demand for long-term health care, which is a nice way of describing the kind of care that involves paying someone to come wipe asses, pull up pants, and generally help our sick and dying family members age with dignity while the rest of us toil away at our jobs. 

Seventy percent of us will need this care after age 65, but less than 5 percent of us buy it on the private market because the premiums are sky-high and growing higher, the coverage is skimpy and getting skimpier, and people with serious pre-existing conditions are, for the most part, ineligible. People assume Medicare will cover this kind of care, but it doesn’t really. Medicaid kinda does, but to access that care you need to spend down your life savings and literally impoverish yourself, which isn’t exactly ideal. Moreover, if a bunch of our elders impoverished themselves just to qualify for Medicaid, they’d basically bankrupt the state.