Newspapers Address Issues Related To Long-Term Care Insurance

Main Category: Health Insurance / Medical Insurance
Also Included In: Primary Care / General Practice;  Caregivers / Homecare
Article Date: 01 Mar 2007 - 6:00 PDT


Three newspapers recently published articles and an opinion piece on issues related to long-term care insurance. Summaries appear below.

• Hartford Courant: The Courant on Sunday examined issues related to long-term care insurance. According to the Courant, studies on the benefits of long-term care insurance have resulted in "drastically opposite points of view," as research has found that such policies are unaffordable for many individuals, benefit men more than women and often are used to cover the cost of in-home care rather than nursing home care. However, according to experts, the "message" consumers should take from the studies is that insurers "are offering new ways to customize premium payments and benefit levels" to allow for the purchase of policies based on their specific needs, the Courant reports (Kidd Stewart, Hartford Courant, 2/25).
  


• New York Times: The Times on Sunday examined how more individuals have begun to purchase long-term care insurance in recent years, in part because of the "climbing cost of health care, longer life expectancies and a desire to avoid relying on family members who may live far away for care." Experts "warn that one of the most costly mistakes made by buyers, particularly those under 70, is shunning inflation protection in order to minimize their premiums," according to the Times. "While long-term care insurance can be expensive, careful choices of coverage and deductibles, along with the possible tax breaks, can make it more accessible," the Times reports. Individuals who purchase long-term care insurance can deduct premiums from federal taxable income, and 37 states allow similar deductions or tax credits (Hershey, New York Times, 2/25).
  

Opinion Piece
The decision about whether to purchase long-term care insurance "isn't the easiest decision to make when you're 41 years old," Jeff Opdyke, a Wall Street Journal personal finance columnist writes in an opinion piece. According to Opdyke, individuals must "recognize life is increasingly long, and statistically there's a good chance" that they "will require some sort of care in [their] later years." The "rationale" for the purchase of long-term care insurance is that such policies "are for catastrophic care," he writes. Opdyke adds, "A nest egg should, in part, cover some of the ailments of aging. Long-term care insurance should kick in when costs threaten to spiral beyond your means" (Opdyke, Wall Street Journal, 2/25).

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