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Nursing Home Costs Continue to Rise

America's elderly with special needs andinsurance.
their loved ones have always paid a highMany of the bills contain similar
price for long-term medical care. Theprovisions, including a tax deduction
emotional and financial toll of anfor the amount spent on long-term care
extended stay in a care facility orpremiums. 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 Marketincrease to $3,000 by 2009 for anyone
Institute showed that the average costwho purchases long term care insurance.
for a private nursing home roomSeveral of the bills also ease the
increased 5.7% from 2004 to 2005. ThatMedicaid rules regarding long-term care
means in most states, it exceeds $200 abenefits. In the new version of
day. Costs of in-home care weren'tregulations, any benefits received from
spared either, increasing 5.5%.long term care insurance won't count
Even with the increase in health careagainst Medicaid eligibility. The hope
costs for the elderly, many consumersis that more citizens will be encouraged
don't realize the benefits of long termto get long-term care insurance, which
care insurance. Some long-term policieswill lessen the burden on Medicaid and
cover not only skilled nursingMedicare.
facilities but also in-home care andConsidering healthcare costs are rising,
companion care.long-term care insurance can potentially
The House and Senate have begun tooffer relief from many years of steep
address long-term care insurance inbills and debt. Appropriate coverage
several bills aimed at making thedepends on your financial situation and
insurance more affordable and moreyour retirement plan.
realistic. These efforts signal aWith all of the improvements and added
growing concern by citizens, lawmakersfeatures of long-term care policies,
and interest groups about themore Americans may begin to take another
affordability and availability oflook at this product. And while
long-term care insurance in America.long-term care insurance isn't for
The proposed legislation also reflectseveryone, it may be a great addition to
growing concern about rising healthcareyour retirement plan. You should always
costs and their impact on Medicaid andwork with a financial professional
Medicare. While it's unclear whether thebefore purchasing the insurance.
bills will make much progress, they'reLong-term care insurance may be worth
full of ideas from both Republicans andconsidering, as the cost of medical care
Democrats on how to increase the numberdoesn't seem to be slowing down any time
of Americans who have long-term caresoon.



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