Future Looks Bleak for Many in Need of Care
In a recent article released by Kaiser Health News, writer Michelle Andrews reported that “recent turmoil in the long-term-care insurance market adds further uncertainty. MetLife, one of the largest carriers, announced it will no longer sell the policies starting next year, and John Hancock, another major issuer, has asked regulators for premium increases averaging 40 percent for 850,000 policyholders.” And even if the policies remain available, their corresponding premiums may knock them out of reach for many in need of just such help. Kaiser went on to report that “a 60-year-old might pay 200 a month for a policy that pays 150 a day,” but if you look at the numbers of what a private room in a nursing home costs (219 daily on average) that still leaves a huge deficit. Even if you passed up a private room for a one-bedroom assisted living facility, the monthly cost averages over 3000. Anne Tumlinson, senior vice president for long-term care at Avalere Heath commented that (more…)