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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It may be possible to design a modest government-run voluntary long-term care insurance program that is financially viable.
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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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There may be an increased need for long-term care insurance to cover in-home, as well as nursing home, services.
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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Once single again, long-term care insurance may need to be considered for those who are unable to self-insure that expense.
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.
And it opposes the CLASS Act, another part of health care overhaul that sets up a voluntary, long-term care insurance program.
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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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 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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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.
And only about 7 million Americans own private long-term care insurance.
Romney, for his part, has been silent on long-term care insurance.
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Better health can also mean higher productivity (which can translate into higher earnings) and lower life, health, disability, and long-term care insurance premiums over your lifetime.
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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.
Long-term care insurance, inflation concerns, and government benefits should all be discussed with an experienced elder care lawyer to ensure a couple has the right plans in place.
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Like most financing experts, David believes a universal program is probably the only way to solve the participation and adverse selection problems that plague voluntary long-term care insurance.
Can a tax deduction help you afford long-term care insurance?
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Most would never be able to afford long-term care insurance.
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Private long-term care insurance works like other insurance policies.
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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The American Association for Long-Term Care Insurance found in a study that applicants for LTC insurance who were in good health (typically, younger applicants) qualified for discounts of up to 20% a year.
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