Receiving the proper care and being able to afford it rank at the top of people’s concerns about getting older. Meanwhile, long-term care and support services represent a growing unfunded liability for the U.S. government.
Studies have concluded that roughly 70 percent of older Americans will require an extended period of long-term care at some point in their lives. Such care is needed for daily activities, including bathing, toileting, dressing, walking and eating. These care expenses are not, contrary to the belief of many people, covered by Medicare insurance. They are covered by Medicaid, but seniors are not eligible for this program until they have spent nearly all their assets.
Private long-term care insurance is purchased by less than 10 percent of seniors, according to the National Bureau of Economic Research. Besides being expensive, it often does not come close to paying for someone’s long-term care needs. In the past few years, some large insurers have stopped selling new policies, and other insurers have sharply raised their rates.
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