Long Term Care Insurance Or LTC To Be Funded By The Government?
by Richard Kuehn on 08/31/21
Long Term Care or LTC Insurance is the only insurance policy
which will cover the care of services provided by companies like Family inHome
Caregiving, an in-home care company which I own. Many people come to Hands to Help Seniors looking for help in their senior years which isn't covered by the government. Unfortunately, LTC is very
expensive and few people have it. A 2019
study funded by the National Investment Center for Seniors Housing & Care
found that by 2029, more than half of the nation’s 14.4 million middle-income
older adults won’t have the financial resources necessary to pay for senior
housing or in-home care. The study
concludes that both public and private funds need to come to the rescue. There is hope. The Well-Being Insurance for Seniors to be at
Home (WISH) Act would create a federal LTC trust fund that would pay for
catastrophic long-term care for those who need it, and it would also allow
private insurance companies to offer affordable coverage plans for the initial
years of disability. The plan would be
fully paid for by a slight increase in the payroll tax (0.3% of income for both
workers and employers), or roughly $300 per year for a median-income
earner.
