Edward Kennedy (D-Mass.), CLASS would establish a federally chartered long-term-care insurance program.
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Genworth Financial (33, GNW) is the largest U.S. seller of long-term-care insurance and variable annuities, number four for term life and number five for mortgage insurance.
Both employers and individuals can contribute to an individual's HSA. HSA monies can be used for the purchase of long-term-care insurance, which will be a huge benefit to ever older baby boom-ers.
Longevity insurance may also help those unable to obtain long-term-care insurance, although there is no guarantee that payments will coincide with long-term-care expenses, says Dan Guilbert, executive vice president at Symetra Life Insurance Co.
Critics of long-term-care insurance argue that many who need long-term care use it for less than 90 days, and that most policies have a 90-day deductible, meaning most owners of long-term care insurance will receive no benefits.
Dr Cook-Deegan was one of the authors of a study that showed a significant risk of adverse selection in the market for long-term-care insurance (the sort bought by the young in order to ensure they have nursing care when they become old and infirm).
It may be possible to design a modest government-run voluntary long-term care insurance program that is financially viable.
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They also recommend new highly-targeted government subsidies, such as tax credits, to encourage moderate-income consumers to purchase long-term care insurance.
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There may be an increased need for long-term care insurance to cover in-home, as well as nursing home, services.
Panel members are to reflect the interests of recipients of care, their caregivers, providers, care workers, long-term care insurance companies, and state Medicaid officials.
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The existing system for funding paid long-term supports and services is built on a wobbly three-legged stool: low private savings, an underfunded Medicaid program, and a hobbled private long-term care insurance market.
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And it opposes the CLASS Act, another part of health care overhaul that sets up a voluntary, long-term care insurance program.
He also recommends that single people, who may not have family who could care for them in old age, to seriously consider long-term care insurance as well.
Once single again, long-term care insurance may need to be considered for those who are unable to self-insure that expense.
The Community Living Assistance Services and Supports (CLASS) Act, the national long-term care insurance program included in the 2010 health reform law, is on life-support.
There were also opponents most prominently from the life insurance industry, especially two companies with large footprints in the long-term care insurance market, Genworth and John Hancock, as well as their trade organization, the American Council of Life Insurers.
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Many already own private long-term care insurance and others have enough savings, home equity, or other resources to self-insure.
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When it comes to long-term care insurance, I am often asked the same question: Should I buy?
Finally, Anne said it was important to improve consumer projections for buyers of private long-term care insurance.
It dwarfs the benefits provided by private long-term care insurance or what people pay out of pocket.
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And if we do try again to adopt a national long-term care insurance system, should it be mandatory or voluntary?
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Thanks to technical budget rules, Congress can now kill the national, voluntary long-term care insurance program without adding to the deficit.
Private long-term care insurance can be an important tool to protect against the risk of needing costly personal assistance in old age.
If you can afford it, consider purchasing long-term care insurance to preserve both your assets and your choice of care and facilities.
More than half said they would help a parent pay for long-term care insurance instead of contributing to their own retirement savings.
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And private long-term care insurance is expensive and increasingly difficult to buy.
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The measure, a piece of the 2010 health reform law, was supposed to create a new national, voluntary long-term care insurance system.
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As only one in five need long-term care, insurance cover is required.
The long-term care insurance industry was started in the 1980s and many companies rushed to get into what they thought would be a lucrative market.
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