Tag: government long term care insurance

Long term care insurance to take some pressure from Medicaid and Medicare

Long Term Care insurance Costs

These expenses could start to threaten these healthcare programs if the coverage doesn’t take off. The latest reports about the number of people who are purchasing long term care insurance are revealing that if this trend continues, it could end up leading to a considerable amount of strain on the Medicaid and Medicare programs than they have faced in the past. Many parts of the country see expenses greater than $100,000 per person for these services. As this level of cost can rapidly deplete a family’s finances, it can rapidly…

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The return of the long-term care services funding debate

Julie Campbell

According to an online article in Forbes on March 14, following the end of the CLASS Act last year, there has been a great deal of concern about the way that the needs for long-term care by the elderly and disabled younger adults, will be financed in the United States. Federal officials and about two dozen states have now taken a fresh step to rectify this problem, working with insurance company executives, advocates, and researchers in a meeting that lasted almost six hours for an idea exchange. The group was…

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John Hancock announces re-entry into individual long-term care insurance in California

John Hancock has announced that it will be resuming its place as a part of the California individual long-term care insurance marketplace, starting on February 27, 2012, through both its Custom Care III (non-Partnership) and its new California Partnership policy. These two policies will provide comprehensive long-term care coverage for all circumstances, such as assisted living facilities, nursing homes, adult day-care centers, and at home, and will also provide the policyholder with care planning and care giving support. The president of John Hancock long-term care insurance, Marianne Harrison, expressed the…

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Survey shows long-term care services are increasingly expensive

Julie Campbell

Metlife Mature Market Institute has published a report of the outcomes of its annual long-term care services costs survey, which includes home care, adult day programs, assisted living facilities, and nursing homes. The survey showed that the cost of long-term care services is continuing to climb, and that this year it rose more quickly than the rate of inflation. The only exception to this rule was the cost of home care services, which was the same from last year to this year. The average cost of care in a private…

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At what age should consumers purchase long-term care insurance?

Among individuals younger than the age of 50, it is quite common to believe that long-term care insurance is something that they won’t really need until later on in their lives. According to CFP Rich Arzaga, CEO and founder of San Ramon, California-based Cornerstone Wealth Management, the majority of consumers won’t start to inquire about long-term care insurance until about the age of 45. In fact, “it won’t be on their radar”. He said that once they reach the age of 55 or 60, they will begin to talk about…

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Long-Term health care plan axed by the Department of Health and Human Services

S.Vagus

Last week, the Obama administration announced that it will be cancelling the long-term care insurance program that would have been created from the Affordable Care Act. The program, known as Community Living Assistance Services and Supports (CLASS), would have brought aid to those suffering from chronic illness and disability, was determined to be a detriment to the overall economic health of the nation, leading Kathleen Sebelius, secretary of the Department of Health and Human Services, to discontinue the program. Opponents of the Affordable Care Act claim this as a major…

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Department of Health and Human Services casts a wary eye at CLASS

Marc

The U.S. Department of Health and Human Services is currently reviewing a new report concerning the longevity of the Community Living Assistance Services and Support (CLASS) program. The long-term care program has generated controversy lately after the resignation of the program’s administrator and staff. As of now, the program will not receive any federal money in 2012. CLASS is designed to provide insurance coverage for those needing long-term care. The future of the program is currently in jeopardy but the HHS is not inclined to solve any of its problems…

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