Los Angeles, CA, December 21, 2013 --(PR.com
)-- The U.S. Senate Special Committee on Aging held hearings yesterday in an effort to explore viable ways to help families pay for long-term care insurance protection.
According to the Senate report, some 12 million Americans currently require long-term-care services. The U.S. Commission on Long-Term Care expects that number will nearly double by 2050.
"In our current system, most people receive care from family and friends," explains Jesse Slome, executive director of the American Association for Long Term Care Insurance, a national trade group. "Many depend on costly in-home care, or end up in assisted living facilities or nursing homes, an expense many middle-class families can’t afford."
Slome noted that the Senate panel was set to hear from a panel of experts, including three members of the commission. "The commission issued their report with 28 recommendations," Slome notes. "But basically, they don't really have a way to address the problem in a politically charged environment."
According to reports, Anne Tumlinson, senior vice president at Avalere Health proposed to the Committee an individual mandate to buy long-term care insurance as a prerequisite for meaningful long term care financing reform. Tumlinson said she reluctantly embraced this idea after long and careful study of the issue, and noted it would likely be “the least popular point” advanced at the hearing.
"We don't see a mandate as having any possibility in this politically charged environment. In the end it's up to individuals and families to act," Slome advises. "People really have three options when a need for long term care arises. Turn loved ones and family members into caregivers, turn to whatever government programs exist at the time or have the funds to pay, which can include some long term care insurance."
According to the organization, some eight million Americans currently possess a form of private long term care insurance protection. "Long term care insurance is not a universal product for everyone," Slome adds. "But for a distinct segment of the population who can health qualify and have retirement savings they want to protect, it's a very viable option."
Consumers interested in long term care insurance costs and information can call the organization at (818) 597-3227 or visit their website www.aaltci.org where one can request information from a designated long term care insurance specialist.