Long term care insurance companies had the answer to
skyrocketing cost of long term care thirty years ago. But this time around,
insurers think that long-term care insurance is not that affordable anymore.
They pitched long-term care insurance as a prudent way for Americans to pay for
long term care services likes adult day care, assisted living facilities,
nursing homes and CCRCs. But carriers
discovered today that this type of policy is squeezing their earnings.
Companies have higher payout nowadays since people are
living much longer and thus more people will file for claims and will stay in
long term care facilities. In order to
cope up with their losses, carriers impose higher premiums. People are expected
to turn to Medicaid, a government program that helps cover the cost of long-term
care.
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