Demise of Obama long-term care plan leaves gap
WASHINGTON (AP) — The Obama administration's decision to pull the plug on a financially flawed long-term care insurance plan is likely to worsen a dilemma most middle-class families are totally unprepared for.
A nursing home can cost more than $200 a day and a home health aide averages $450 a week, usually part-time. Yet long-term care is one major health expense for which nearly all Americans are uninsured. Only about 3 percent of adults have their own policy, and Medicare doesn't cover it.
Families confront their financial exposure when a frail elder takes a turn for the worse, a teen is calamitously injured in a car crash or a middle-aged worker suffers a debilitating stroke.
The demise of the Community Living Assistance Services and Supports program, or CLASS, means it could take a decade or longer before politicians seriously engage the issue again. By then the retirement of the Baby Boomers will be in full swing.
"Long-term care is a critical issue, and people are in total denial about it," said Bill Novelli, former CEO of AARP. "I am very sorry the administration did what they finally did, although I understand it. It is going to take a long time to get this back — and fixed."
The irony, experts say, is that paying for long-term care is the kind of problem insurance should be able to solve. It has to do with the mathematics of risk.
Most drivers will have some kind of accident during their years behind the wheel, but few will be involved in a catastrophic wreck. And some very careful drivers will not experience any accidents. The risks of long-term care are not all that different, says economist Harriet Komisar of the Georgetown University Public Policy Institute.
"A small percentage of people are going to need a year, two years, five years or more in a nursing home, but for those who do, it's huge," Komisar said. "Insurance makes sense when the odds are small but the financial risk is potentially high and unaffordable.
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"Long-term care is a critical issue, and people are in total denial about it," said Bill Novelli, former CEO of AARP. "I am very sorry the administration did what they finally did, although I understand it. It is going to take a long time to get this
Some or all of the Social Security retirement benefit increase could be eaten up by a rise in premiums for the Medicare federal health insurance program for the elderly. Medicare premium adjustments are expected to be announced later this month.
A coalition that includes Michigan's chapter of the AARP said Tuesday that it supports but wants changes to legislation that would help the state set up a health insurance exchange. Michigan Consumers for Healthcare called for the addition of consumer
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By Frank Bailey, Director, Health, AARP Education & Outreach Did you know that fraud in the health care system drives up insurance premiums and other health care costs? In fact, research suggests that anywhere from $100-300 billion of the over 2
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