Should young people self-insure against the risk of needing long-term care later in life, or should they buy insurance? In a Feb 13 Wall Street Journal commentary (behind a pay wall), Manisha Thakor, chief executive of Santa Fe, N.M.- based MoneyZen Wealth Management LLC, argued they should self-insure. “By taking the money you would have put in long-term-care premiums and [...]
After Thomas J. McInerney took the helm of insurance giant Genworth Financial Inc. last January, he ordered an intensive review of the firm’s long-term care insurance business. Genworth was one of the biggest players in the market, but the industry was struggling and investors unhappy. In an exclusive interview, McInerney tells Caring for Our Parents about his decision to stay [...]
Why is there no catastrophic long-term care insurance? It could benefit millions of middle-income people who are able to pay for a few years of services and supports on their own but need to protect themselves against the risk of a very long period of need that would impoverish all but a handful of us. Even though catastrophic coverage is a [...]
Americans have little idea how long-term supports and services are paid for, according to a new poll by Harris Interactive and the medical publishers HealthDay. Yet, they are worried about the cost, believe most people should buy long-term care insurance, and also favor a new government program to pay some or all of the costs of LTC. It is hard to [...]
A divided congressional long-term care commission has adopted a package of recommendations aimed at improving the nation’s long-term supports and services. However, while a majority of the panel agreed on some modest delivery and workforce reforms, it could not reach a consensus on all-important financing solutions. In effect, the commission will recommend changes that would effectively retain the current framework of financing [...]
Two major new studies have turned the popular perception of dementia on its head. For years, we’ve heard that Alzheimer’s disease and other forms of dementia are on the rise—a prediction that strikes fear in the hearts of both the public and policymakers. But these new reports conclude that dementia rates may be falling, and suggest that some forms of [...]
It is a cruel paradox: As the cost of long-term care rises and the number of people needing it grows, traditional options for paying for these supports and services are narrowing. Traditional private long-term care insurance is largely disappearing from the marketplace. Reverse mortgages, already something of a niche product, are likely to become harder to get-- especially for those [...]
Baby Boomers are in serious denial when it comes to their medical and long-term care costs in retirement. Yes, Medicare provides excellent health insurance (subsidized in large part by taxpayers). But it doesn’t come close to paying for a senior’s medical costs. And doesn’t pay for long-term supports and services at all. Those holes in the Medicare system mean a [...]
There is a widespread belief that seniors, in cahoots with shady lawyers and greedy children, hide their assets so they can receive Medicaid long-term care benefits. It turns out that this image—sort of the greedy geezer equivalent of Cadillac-driving welfare queens—is largely an urban myth. While some seniors undoubtedly find ways to transfer assets (everyone, it seems, knows someone who has—or [...]
America’s system for financing long-term care is failing, and the window for creating a payment system that works is rapidly closing. That was the conclusion of a morning-long expert session sponsored last week by the SCAN Foundation. While the participants differed on specific solutions, most agreed on four key issues: The existing system for funding paid long-term supports and services [...]