Long Term Care Insurance Research Papers

to elderly persons with low income status include: the Housing Choice Voucher Program, the HOPE for elderly independence program, the Rural Housing Services Rental Assistance Program, Local Rental Assistance Programs and the Section 202 Supportive Housing for the Elderly Program.

Medicare covers hospice if you have a terminal illness and aren’t expected to live more than six months. However it doesn’t cover grief counseling.

The challenges and impact of Baby Boomers on long-term care systems are going to modify the manner in which traditional health care, patient access, financial payments and treatment are delivered. Baby Boomers will have an extensive amount of care maintenance needs involving various rehabilitation conditions, acute and chronic illnesses, which will require a significant amount of thoroughly trained gerontologists, skilled nurses, nurse practitioners, social workers, community advocates, and family involvement. This article explores options sought to reduce the costs to society and Baby Boomers as innovative savings, tax credit options, and other alternative long-term care financing choices lessening the impact on the long-term care system.

Long-term care has many funding sources which includes government funding, privet insurance, out-of-pocket payments, and any combination of any of these programs. Privet insurance includes insurance for long-term care and managed care (HMO, PPO, POS). While government funding includes Supplemental security income, Department of veteran affairs, Older American act, Medicare, and Medicaid. With Medicare and Medicaid providing the most funding to long-term care (Pratt, 2016, p. 292-306). If Medicare and Medicaid are the biggest funders for long-term care what services do they cover, who do they cover, and what restrictions are put on the recipeits?

In the fiscal year 2010, (O’Shaughnessy, 2012) only about 5.1%, or 3 million people, out of the 57.8 million people age sixty and over, received services funded by the Act. These services included home delivered meals, home care, personal care, or case management services on a regular or intensive basis. About 14%, 8 million people, received other services, such as transportation, congregate meals, or information and assistance on a not so regular basis. A report was made by the Government Accountability Office stating that their findings were that many older people are in need of meals and other supportive services to help remain independent in their own communities, but a large portion of them are not getting the help they are in need of. Some barriers causing this lack of help are lack of funding and lack of knowledge among the older Americans that they may be eligible for benefits and services can be available for them.

Long-term care is vital in the United States health care system. As the population ages, more people will need assistance to recover from illness or injury, and others will need end of life care to ease their passing. People who use long-term care are all ages. From young to old, people can receive it if they cannot care for themselves because of a condition, an illness, or an injury that requires assistance for a period of 90 days or more. The concern people face when looking at long-term care is the funding. Medicaid will likely be drained of funds long before the country’s aging population is past its peak and while there are some options of insurance coverage, not everyone may afford them.

Usually Medicare does not pay for long-term care; it will only pay for medically necessary skilled nursing facilities or home health care. With Medicare certain criteria has to be met for certain conditions for Medicare to pick up the cost. Medicare also does not pay for any kind of long-term care that helps assist with activities of daily living. This kind of care includes dressing, bathing, and using the bathroom. Medicare Advantage plans can offer limited skilled nursing facility and home care coverage if the patient’s long-term care is medically necessary. Medicaid offers coverage for both medical and non-medical associated long-term care, but the person will only qualify if they have less than $2000 in assets and income that is inadequate to pay for the cost of their care. If a veteran is at least 70% service connected disabled the Veterans Administration will pay the costs of long-term care for life. Long-term care that is not provided by the government is usually paid out-of –pocket by family members. Most people choose the option of home health care because long-term care is too costly.

If you are unfamiliar with long term care insurance, now is a good time to discover some of the benefits. Long term care insurance can help cover the cost of a nursing home, an assisted living facility, or in-home care when, or if the time comes that you need it. Yes, Medicaid will cover some long-term care expenses, but it does not cover all of them and will only provide benefits if your net worth is low enough to qualify. Long term care insurance can be quite costly however - and the longer you delay in purchasing a policy, the higher the annual premium will become. What Will Long Term Care Insurance Pay For? Different policies provide different benefits. Some policies pay a daily benefit, such as $200 or $300 per day, that can be used

Seniors who fall under a coverage hole will start getting some help. Some are saying that seniors may lose Medicare benefits they now enjoy, but that is not true. The health reform act will not cut guaranteed benefits; a person will still be able to maintain the coverage they want. Americans on Medicare will receive free preventive care without co- payments or deductibles. Seniors will also receive $250 to help pay for their prescriptions. There will also be alternatives to nursing home placement, such as day-service programs, home-care aides, meal programs, senior centers and transportation services. A public, voluntary long-term care insurance program known as the Community Living Assistance Services and Supports, have enrolled individuals who have substantial daily needs to receive at least $50 a day. This money is to be used to defray the costs of services such as home care, family caregiver support, and adult day-care or residential care.

Long-term care policies are providing incentives such as refund features to appeal to young adults who are not thinking they will need this kind of insurance. The statistics show over and over again that people are living longer and once they are older will use some source of long- term care. According to the New York Times, around eight million adults in 2011 purchased long-term care insurance. Long-term care insurance has been a product gradually losing appeal to many primary consumers. Furthermore, long-term care has been deemed an unprofitable resource for major insurance companies.

Drug and health plans are major resources to long-term care. Medicare does not cover most of long-term care services, but it may pay a portion depending on selected coverage. Medicaid may step in and help pay as well. “The Medicare Plan Finder tool provides one central point to view and compare all available drug and health plan

Overall the best option for the patient is a nursing home . Family members can hire full time nurses to take care of their ill loved one in their own home. Even though it sounds like a better option than a nursing home it can be more expensive than a nursing home . According to Planning for Care Cost “$20 per hour for a home health aide ,$68 per day for adult day services’ (Care Cost 1 ). These are some of the cost for having a nurse take care of an alzheimer patient , it doesn’t cover the medicine and other expenses they might need

The Department of the Aging (DFTA) is a great government agency resource that the older population can seek out for various needs. One of the many options DFTA provides is a caregiving program. DFTA allots referrals and information

Great Post!!! I did not know that there were option to trade in your life insurance policy to long-term care insurance. I did my research, many life insurance policies has what you call accelerated death benefits that give the policyholders the ability to draw a percentage of their death benefits while they're still alive, including long term care. Some people may have to add them through a rider. These riders are good option for younger adults who want a head start on planning for long-term care.

My Dad once said, “If you want to be the best, you have to compete with best. Once you defeat and conquer and still remain on top, you have rightfully assured everyone that you are the best.” I believe the same applies within the long-term care market. In order to be the best in the long-term care market you need competition to prove to the consumers that you offer everything that they need, everything that they want, everything they are looking for and how their services can benefit the consumer. Competition is the act of two or more parties (businesses) actively & independently striving for customers and markets (Entrepreneur.com, 2014). In the long-term care market, that would be nursing facilities, assist living facilities, subacute care,