Monday, April 16, 2012

Long-Term Care Insurance Reform

“I wannabe on the cover of Forbes magazine
Smilingnext to Oprah and the Queen”
‘Billionaire’by Travie McCoy

WhenForbes Magazine turns its capitalist focused eye on Long Term Care reform it isworth noting.

“Why notmake insurance for long-term care services and supports part of health carecoverage?
It is aradical idea that turns the current model—which often treats long-term careinsurance as an element of retirement planning—entirely on its head…”
“We have to try something new” concludes the article.

It’s been thousands of years of mythology plus thousands of yearsof knowledge since ol’ Oedipus solved the Riddle of the Sphinx, ‘What walks onfour legs in the morning, two legs at noon, and three legs at night?’ Yet howmany of us deny daily our own aging and eventual need for care.

Only a third of all adults say they have even talked with family ora friend about providing care to them in the future or had purchased disabilityincome insurance or looked into independent or assisted living arrangements orpurchased long-term care insurance.

Only 4 in 10 adults have set aside funds to cover additionalexpenses or signed a living will or healthcare power of attorney.

How many can even afford such options?

As a result … family caregivers provide about 80 percent of alllong-term care services in the U.S; an estimated 120 million adult Americans(57 percent) are either providing unpaid care to an adult family member orfriend or have provided this care in the past.

When the baby boomer generation starts walking on three legs, howlong before this house of cards comes crashing down?

Yes! We need to try something new!