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Long-term care costs come into sharper focus 2010-01-05 Health Affairs, a journal of health policy, announced this week that its January issue will focus on long-term care issues. One of the major issues addressed by the journal will be the Community Living Assistance Services and Supports Act, a provision within the Senate's healthcare reform bill that would establish a government-run long-term care insurance program. Last week, a piece in The Seattle Times covered the long-term care insurance provision in the reform bill. The piece described the goal of the CLASS Act: reducing seniors' dependence on Medicaid for long-term care costs. At present, the federal program is the largest payer of long-term care expenses. As described in the Times, the CLASS Act would dock between $160 and $240 monthly from the paychecks of people who chose to enroll. Payments of approximately $50 per day would be provided to retirees who were disabled or incapable of performing basic tasks. While the act provides much-needed funding for long-term care costs, there are concerns that participation would be insufficient to fund the program adequately. Medicare's chief actuary, quoted in the Times article, estimates that only 2 percent of people would enroll. Whether the act makes it into the final healthcare bill or not, investing in private long-term care coverage can lead to significantly reduced expenses down the road.  |
