Monday, April 16, 2012

Long-Term Care Insurance Reform


“I wanna be on the cover of Forbes magazine
Smiling next to Oprah and the Queen”
‘Billionaire’ by Travie McCoy

When Forbes Magazine turns its capitalist focused eye on Long Term Care reform it is worth noting.

“Why not make insurance for long-term care services and supports part of health care coverage?
It is a radical idea that turns the current model—which often treats long-term care insurance as an element of retirement planning—entirely on its head…”
“We have to try something new” concludes the article.

It’s been thousands of years of mythology plus thousands of years of knowledge since ol’ Oedipus solved the Riddle of the Sphinx, ‘What walks on four legs in the morning, two legs at noon, and three legs at night?’ Yet how many of us deny daily our own aging and eventual need for care.

Only a third of all adults say they have even talked with family or a friend about providing care to them in the future or had purchased disability income insurance or looked into independent or assisted living arrangements or purchased long-term care insurance.

Only 4 in 10 adults have set aside funds to cover additional expenses or signed a living will or healthcare power of attorney.

How many can even afford such options?

As a result … family caregivers provide about 80 percent of all long-term care services in the U.S; an estimated 120 million adult Americans (57 percent) are either providing unpaid care to an adult family member or friend or have provided this care in the past.

When the baby boomer generation starts walking on three legs, how long before this house of cards comes crashing down?

Yes! We need to try something new!

11 comments:

  1. Patrick - including the cost in health insurance is a great idea, though it will make premiums that much higher. I think for many, LTC insurance is just as unreachable as funding their 401ks, maybe even more so.

    Knowing what I know about needing LTC and knowing that there was no one to take care of me should I get sick, I signed up for LTC insurance at work the first time it was offered. You can be sure when I got laid off I kept my premium payments up for that.

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    Replies
    1. Cranky, you are fortunate. Others I know who lost jobs found their health insurance etc continued only through COBRA policies which soon became unaffordable.

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  2. Interesting post. Seriously, it is quite scary to think about how much isn't considered when it comes to health of loved ones. You go most of your life without being suitably covered. And the other part, you're covered by someone else. Thanks for the awareness.

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    Replies
    1. Somewhere somehow we all get this invincibility / immortality complex along the way. :)

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    2. it is quite terrifying to think about how much isn't regarded when it comes to wellness of family. You go most of your lifestyle without being appropriately protected. And the other aspect, you're protected by someone else. Thanks for the attention.

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  3. I have purchased long-term care insurance and got it where during the "sign-up" time was a "don't ask, don't tell" period. I have had it for a couple of years and I'm sure it will come in handy at some point being single, etc.... I gotta say, timing is everything sometimes!
    "Bama" Jackie

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  4. I experienced something quite unexpected when we were looking for a nursing home for my mother. She was 91 and we were unable to find a nursing home that would accept her. She was in the hospital, bedfast and very sick and they said she required "Too much care". We were forced to take her home on hospice and care for her ourselves. It was very stressful since I was still working full-time. If she had not passed away as quickly as she did I don't know what we would have done.

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    Replies
    1. Expect the unexpected may be the universal truth of long term care.

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  5. Exciting publish. Seriously, it is quite terrifying to think about how much isn't regarded when it comes to wellness of family. You go most of your lifestyle without being appropriately protected. And the other aspect, you're protected by someone else. Thanks for the attention.

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  6. Its quite disappointing how much our loves ones not regarded well. But if you can put your love ones in the hands of Fountain Valley Care Giver, you highly appreciate them.

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