long-term care financing

Minnesota Considers Two New Ways To Pay For Long-Term Care

Would you buy a term life insurance policy that automatically converts to long-term care coverage once you reach retirement age?  How about paying a modest additional premium to add some home care benefits to your Medicare Supplemental (Medigap) insurance or your Medicare Advantage plan? Minnesota, a state that has been a leader in long-term care delivery reform, may soon experiment [...]

A New Congressional Proposal For Public Long-Term Care Insurance

Representative Frank Pallone (D-NJ), the senior Democrat on the House Energy and Commerce Committee, is proposing a new universal Medicare long-term care benefit. His bill, still in draft form, initially would provide a daily cash benefit of about $100 after a two-year waiting period. As an alternative to the waiting period, Pallone is also considering a cash deductible that would [...]

By |2018-06-13T15:55:43-04:00June 13th, 2018|long-term care financing|0 Comments

A New Public/Private Long-Term Care Financing Plan

Two years ago, the Long-Term Care Financing Collaborative proposed a public catastrophic long-term care insurance program. In effect, people would use private insurance, savings, or home equity to pay for the first few years of their care needs, then the government would pick up costs for people with true catastrophic needs. Today, two highly-respected long-term care experts offered an important [...]

By |2018-02-14T12:43:53-04:00January 31st, 2018|long-term care financing|1 Comment

A Bipartisan Group Proposes A Package of Modest, But Important Long-Term Care Financing Reforms

The Bipartisan Policy Center, a Washington (DC) based group that develops consensus policy solutions,  has proposed a series of reforms aimed at helping families finance long-term care for themselves and their loved ones. The proposal aims to encourage more people to buy private long-term care insurance, including through Medicare,  and would provide a new Medicare respite benefit for family caregivers. [...]

By |2017-07-12T16:38:29-04:00July 12th, 2017|long-term care financing|0 Comments

Americans Remain Baffled By Long-Term Care Financing, But Would Like A Medicare Benefit.

Americans age 40 and older continued to be flummoxed by the challenges of long-term care financing, but increasingly believe that Medicare ought to provide such supports and services. According to a new poll by the Associated Press-University of Chicago NORC Center for Public Affairs Research (AP-NORC), support for a Medicare long-term care benefit has grown significantly over the past five [...]

By |2017-05-30T19:37:33-04:00May 30th, 2017|long-term care financing, Medicare|0 Comments

The Staggering Cost of Long-Term Care and Medical Care in Old Age

A typical 65-year-old couple will need to save nearly $400,000 to pay for out-of-pocket medical care and long-term care in old age, according to new estimates by the Fidelity Benefits Consulting. That is $60,000 more than a typical couple’s entire savings at retirement, including equity in their home. Fidelity estimated an older couple will need to put away an average [...]

By |2016-08-31T15:18:24-04:00August 31st, 2016|Health Care, long-term care financing|0 Comments

Who Owns Long-Term Care Insurance?

About 7.2 million Americans currently own traditional long-term care insurance policies, a number that’s held steady for the last seven years. But who are they? And what does it say about the future of long-term care insurance? Overall, the share of older adults who own long-term care insurance (LTCi) has barely changed since 2002, according to new research by my [...]

What If Government Pays for All Long-Term Care?

How much would it cost if government pays for all long-term care?  About $4 trillion over the next decade. We know because Democratic presidential hopeful Bernie Sanders has proposed to do just that, as part of his ambitious Medicare-for-all health insurance program. And, in an effort to calculate the overall cost of Sanders’s domestic policy agenda, a group of my [...]

By |2016-05-09T15:47:47-04:00May 9th, 2016|long-term care financing|0 Comments

A New Look At The Big Differences In Financial Well-Bring Among Older Adults

For years, experts have been arguing over whether Americans are financially prepared for old age, especially after including the costs of health care and long-term care. But those debates often focus on averages (or medians), a perspective that misses a key point: While some seniors are sitting pretty, many others face a huge challenge. In other words, it isn’t just [...]

By |2016-04-08T10:27:00-04:00April 8th, 2016|Aging, long-term care financing|0 Comments

A New Kind of Annuity for Those Who Already Need Long-Term Care

Imagine you are 75 and suffer a stroke. You have some financial assets but, suddenly facing a lifetime of unexpected personal care needs, you are worried about outliving your money. You never bought long-term care insurance and could never pass underwriting that would allow you to buy now. What do you do? You could tap your home equity with a [...]

By |2016-03-02T14:58:22-04:00March 2nd, 2016|long-term care financing|0 Comments