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Long Term Care To Be Included In Health Reform

Long Term Care To Be Included In Health Reform

The health care system of America is in trouble, though most of the people have other options. It is seen that in terms of long term care, in spite of being in trouble, there are no options available. What is found is that the private long term care insurance provides useful and affordable options. The same is true with federal or state governments.

However, this has to change, especially when the Baby Boomers are about to retire as millions of these people would require long-term care. In ideal circumstances, every Americans would go for long term care insurance, right from the very first day of joining a new job. And to keep the costs of premiums of long term care insurance as low as possible, one has to spread across the generations the risk involved with it.

Nevertheless, nothing like that seem to occur nowadays. What we see today is that the policies of voluntary system of private insurance of long term care for the old as well as not-so-old are forget-about-it expensive.

According to Saul Friedman, who is working as a columnist for a newspaper in N.Y., for those who are over 65, buying a limited policy that offers coverage of $150 every day for a period of four years will cost at around $5,000 a year. To Friedman, the median income in case of a family whose head member is a people over 65 was $34,243 in 2004.

Friedman says that had the premium been bought at the age of 50, the premium would have been less. However, this entails you to pay for say, 25 years or more on one of the three chances for you to use the benefits, and there is no guarantee of the premium going up at a time when you are unable to afford it or whether the insurance company will be in business at all. If you do not have a more expensive policy, that guarantees a return on part of the premiums, you are in no way to get your money back if you do not use the benefits. However, the insurance company invests the money you pay as premium.

However, not buying long-term care insurance is a gamble because if at all you are to visit a nursing home, you would definitely have to use up a large part of your savings before your medical expenses are reimbursed by the government Medicaid payments.

In spite of these, there are few reforms that look promising. One such reform is that co-sponsored by Rep. Earl Pomeroy that lets people to pay with their pre-tax dollars for long term care insurance. This is the way millions of Americans pay for their health care needs as well as child care costs. This way, the cost of premiums would come down to a considerable extent.

The law also protects consumers who buy long term care insurance. The law being extremely well-sensed must be passed. Another policy available in New York that works well is by letting people protect their assets to a great extent, and in some cases the whole of assets, even in the event of their long term care insurance policy running out. In an effort to bring down the overall costs down, the state subsidizes this kind of protection by convincing more people to go for long term care insurance.

However, these kind of policies need to be reformed. The long term care system is the one that require more basic changes rapidly to help more Americans able to buy coverage easily. Presently, the mood in Washington is one of reformation that is palpable by the debate occurring on health care shows. It will be important for the Congress as well as the president to charter a study to look into this important issue.


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