Daily Dupaco

Friday, June 25, 2010

Carefully consider long-term care

The new health care bill President Obama signed into law in March includes a national voluntary insurance program for purchasing long-term-care services, called CLASS, for the Community Living Assistance Services and Supports program (SmartMoney June 11). The program is expected to launch next year.

Why would you need more insurance? If you become disabled, even with traditional insurance, Medicare, Medicaid, and assistance from family, you may face financial difficulties which may prohibit you from receiving the daily care you require in the setting that best suits your needs. Long-term care (LTC) insurance is an option that can help to cover the costs of long-term care services.

You might do better getting private LTC insurance, but perform a careful comparison. Fewer than 10% of older adults have bought private LTC policies. The daily cost benefits are not the only differences between CLASS and private LTC insurance. Look at the consumer protection provisions, lifetime benefits, lifetime premiums, discounts, and other features, as well as the daily cost benefits.

To better understand LTC and the options available to you, look to the government website www.longtermcare.gov.

Portions of this article were derived from Home & Family Finance.
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