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A New Option for Long Term
Care Needs
Long Term Care is one of the
more misunderstood segments of health care, and because of that it
jeopardizes the financial well being of many people in this country,
regardless of their level of wealth. According to industry estimates, almost
70% of people who make it to age 65 will need some level of Long Term Care (LTC)
in their lives. There are several ways that people finance their LTC needs,
including liquidation of savings and other assets, benefits from Medicaid,
LTC insurance, and accelerated benefits from life insurance policies.
Contrary to what many believe, Medicare is not a viable source of funding for
LTC needs. And because of the government’s tightening of Medicaid
eligibility for LTC in recent years, it is more difficult to qualify unless
you have spent your assets down to what is considered a poverty level. For
those reasons, LTC insurance is becoming a more important part of the
solution to meet LTC needs. However, while most Americans have some sort of
health care coverage, nearly two thirds of Americans do not have insurance
protection to cover the costs associated with LTC services. That is in part
because of the cost of premiums for LTC insurance as well as the complexity
of some LTC policies. One of the provisions in this year’s health care
legislation that received little attention is called the Community Living
Assistance Services and Support Act (CLASS Act), which may provide many
Americans with a way to manage their LTC needs more effectively.
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