Skip to comments.A New Long-Term Care Insurance Program
Posted on 03/26/2010 8:54:16 AM PDT by Wallop the Cat
Ive read so little about the Class Act in recent weeks that when President Obama signed the health care bill yesterday, surrounded by a gaggle of happy Democrats, I had to call the National Council on Aging to reassure myself that yes, this often overlooked but potentially transformational program remained part of the package. Its the law of the land as of this moment, asid the councils president, James P. Firman, still sounding a bit dazed by the whole drama. And theres nothing in the reconciliation bill about it, no language in there at all. Its the law, and its not going away.
(Excerpt) Read more at newoldage.blogs.nytimes.com ...
Especially as the cost of health care for the elderly escalates. Not good.
I dont believe it. Govt can run something better that what you can get in the private sector.
Terrific. We’re older parents of young children. Adding another 2-4K per year to our 12K policy is going to be just swell. Kids - I guess you don’t need college.
The article says it’s government run, but voluntary. It also sounds worthless, in terms of getting very little in benefits, and it doesn’t really cover long term care, just give you a few $ that doesn’t even come close to covering long term care.
“It may help that the act was designed to cover everyone except those who specifically opt out. Participation rates are higher for such programs than for those you have to opt into. Inertia helps, in this case.”
....governments idea of long term care is rental space at ACME STORAGE PODS.
This is a time line enumerating various cuts, etc.
Long term care and nursing home cuts are listed, note 2011. In 2012, Medicare cuts to dialysis and hospice. 2013 Medicare cuts to hospitals treating low income seniors...I don’t get this. 2014, 2015 more Medicare cuts to home health.
As of a few years ago, Medicaid payed about $75-80 per day to nursing homes for allegedly ‘indigent’ occupants. At least 80-90% of occupants receiving this payment.
I bought a Long Term Care insurance policy some years back. I wonder if the insurance company will be around to pay out if I need it someday.
It's supposed to be automatic unless you opt out, but AFAIK the article doesn't tell you how to do that. Maybe a new W-4 form?
I suppose it's also automatic for Social Security recipients unless they opt out. The ones who have dementia will probably have the amount deducted automatically, and also won't know how to make a claim, so it will probably collect money for the government, but the govt. will spend many times the amount it collects.
You might be surprised to find out how many 50-60 year olds with GOP bumper stickers on their new, up-market sedans would make appointments with me to discuss "how we can get Mom qualified for Medicaid".
Just another reason that I tend toward an Eeyore point of view.
I also bought a LTC insurance policy some years ago. Trying to be prudent, you know. I feel like all that money I’ve put into it is wasted because the government is going to take over longterm care anyway and, in effect, determine my “benefits” regardless of what I’ve paid for for many years.
This is really starting to feel like a tipping point has been reached.
And the President out there openly mocking and deriding, not even just his political opponents (which would be bad enough), but actually the American people. There are no words for this.
Of course. This is because of the basic unfairness of seeing people who did not scrimp and save for their entire life getting the same care as those who did.
I sat down and wrote the check to the nursing home every month for several years. It was not fun realizing that my parent only had that money because of hard work and wise choices. But this is the problem with these programs: at some point people get tired of being played for suckers.
The answer is not to give everybody “free” care. It’s to require everybody to pay and, if you can’t, then to rely on private charity, which Americans would be much more generous with if the federal government did not confiscate so much of their income upfront.
Regarding the health care bill, I downloaded the signed bill last night. It's enormously complex to try to wade through any part of it and try to figure out what it really means, and then have to factor the reconciliation into it to weigh the modifications.
If this much is true, the govt should not have involuntary access to your bank account without a court order. I try to keep automatic deductions to an absolute minimum because the money has to be there on time.
When I purchased my catastrophic insurance, the only payment they would accept was an automatic deduction from my account, same with the above long-term care policy. I authorized it; it was my choice. But I've never authorized any more because you have to have a regular positive cash flow to be sure the funds will be there on the auto payment date which was monthly in my case. Maybe it was those specific policy writers/ins companies as I can pay my car insurance by cash, check or a voluntary payment out of whatever account I choose.
I don't know for sure, but I think this may be common practice for people who do not participate in an employee group plan. So people in my situation, when choosing whatever govt-approved poicy they are allowed, will probably have to agree to the auto deduction. But it's something you authorize yourself TO THE INSURANCE COMPANY.
So I don't see any good reason for the govt to have access to your acct for a withdrawal or other purpose. If they demand proof that you've purchased their approved plan, there are other ways you can prove it yourself by getting a hard copy of the applicable deduction from your financial institution with applicable fee therefor or from your insurance company.
I don't think a lot of people will be able to afford it on top of everything else, but the Medicare cuts may not provide those in-home services or for assisted care, do not pass go, go straight to the nursing home. Will people affected even be able to choose which one?
Don’t be so quick to drop your coverage: The Class Act covers about $75 per day and does not include Inflation Protection.
What will $75 buy you in 25 years? Ear plugs?
Yep isn’;t it great we all get hit with a whole new tax? Wonder how many people are out there just barely hanging on and then get hit with this new tax?
I’m not thinking of dropping my coverage. I am thinking of “where can I go to be free of this mess?” Answer: nowhere.
Where can I go to be free of this mess? Run for office...Congress is totally exempt.
As an employee in management of a long term care facility some years back, I saw exactly what you are talking about. I had one lady who had made millions, somehow her kids had her $ now....she was on Medicaid. The kids lived in mansions, had $150,000 RV’s ranches, etc.
They really worked the system. For the years she had left it would have made very little difference in their lifestyles to have honorably paid her way.
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