Are Changes on the Horizon for Long-Term Care Insurance?
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As we get older, many of us will need long-term care. In fact, the statistic hasn’t changed — 70% of Americans 65 and over will need some type of long-term care in their lifetime. This could mean a nursing home stay, home healthcare, or a stay at an assisted living facility, or a combination of the three. The fact also still remains that many Americans are unaware of the high cost of long-term care, which can
be catastrophically expensive to those who aren't prepared for it.
Some Americans opt for long-term care insurance as a way to pay for long-term care. However, an estimated 48% of Americans aged 55 to 64 are not familiar with long-term care insurance (LTCI) either, according to the Center for a Secure Retirement® and Bankers Life. This and the need for change is what prompted the formation of a federal task force on long-term care insurance.
After two years of collaboration, the Federal Interagency Task Force on Long-Term Care Insurance released its report reviewing the nation’s LTCI system. . .
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