Medicaid, the joint federal‐state health care program created in 1965 for the poor, is imposing a growing burden on taxpayers. It has grown larger than Medicare, the federal health care program for the elderly, and already accounts for a larger share of state expenditures than elementary and secondary education. Part of that growth is due to many middle‐income seniors using Medicaid to pay for nursing home expenses and other long‐term care. Those seniors own assets that could cover such expenses for a period of time, either directly or by purchasing long‐term care insurance. Should their assets be used to help Congress cut projected Medicaid expenditures? Please join us for a debate that could profoundly affect the future of Medicaid and long‐term care.