As today’s article in the Philadelphia Inquirer details, traditional long-term care insurance policies are in disfavor. The primary factor is due to unexpected substantial increases in insurance premiums.
As a result, it is incumbent upon both the public and private sectors to be innovative in offering alternatives to traditional LTC insurance. The State of Minnesota has been a leader in long-term care delivery reform. Minnesota may soon experiment with two ideas. The first is allowing an individual to buy a term life insurance policy that automatically converts to long-term care coverage once you reach retirement age. The second would be a modest additional premium to add some home care benefits to a Medicare Supplemental (Medigap) insurance or a Medicare Advantage plan.
We need more of these innovative ideas if we truly are to provide for our country’s increasing aging population. Minnesota’s ideas are a good start.
Minnesota Considers Two New Ways To Pay For Long-Term Care
Long-term care insurance premiums are rising again in Pennsylvania, by a lot. Here’s why.