| America's elderly with special needs and | | | | insurance. |
| their loved ones have always paid a high | | | | Many of the bills contain similar |
| price for long-term medical care. The | | | | provisions, including a tax deduction |
| emotional and financial toll of an | | | | for the amount spent on long-term care |
| extended stay in a care facility or | | | | premiums. One provision even calls for a |
| nursing home can be extremely costly. A | | | | $1,000 tax credit that will gradually |
| 2005 study by MetLife's Mature Market | | | | increase to $3,000 by 2009 for anyone |
| Institute showed that the average cost | | | | who purchases long term care insurance. |
| for a private nursing home room | | | | Several of the bills also ease the |
| increased 5.7% from 2004 to 2005. That | | | | Medicaid rules regarding long-term care |
| means in most states, it exceeds $200 a | | | | benefits. In the new version of |
| day. Costs of in-home care weren't | | | | regulations, any benefits received from |
| spared either, increasing 5.5%. | | | | long term care insurance won't count |
| Even with the increase in health care | | | | against Medicaid eligibility. The hope |
| costs for the elderly, many consumers | | | | is that more citizens will be encouraged |
| don't realize the benefits of long term | | | | to get long-term care insurance, which |
| care insurance. Some long-term policies | | | | will lessen the burden on Medicaid and |
| cover not only skilled nursing | | | | Medicare. |
| facilities but also in-home care and | | | | Considering healthcare costs are rising, |
| companion care. | | | | long-term care insurance can potentially |
| The House and Senate have begun to | | | | offer relief from many years of steep |
| address long-term care insurance in | | | | bills and debt. Appropriate coverage |
| several bills aimed at making the | | | | depends on your financial situation and |
| insurance more affordable and more | | | | your retirement plan. |
| realistic. These efforts signal a | | | | With all of the improvements and added |
| growing concern by citizens, lawmakers | | | | features of long-term care policies, |
| and interest groups about the | | | | more Americans may begin to take another |
| affordability and availability of | | | | look at this product. And while |
| long-term care insurance in America. | | | | long-term care insurance isn't for |
| The proposed legislation also reflects | | | | everyone, it may be a great addition to |
| growing concern about rising healthcare | | | | your retirement plan. You should always |
| costs and their impact on Medicaid and | | | | work with a financial professional |
| Medicare. While it's unclear whether the | | | | before purchasing the insurance. |
| bills will make much progress, they're | | | | Long-term care insurance may be worth |
| full of ideas from both Republicans and | | | | considering, as the cost of medical care |
| Democrats on how to increase the number | | | | doesn't seem to be slowing down any time |
| of Americans who have long-term care | | | | soon. |