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