Magazine article Workforce

What Long-Term Care Insurance Has to Offer

Magazine article Workforce

What Long-Term Care Insurance Has to Offer

Article excerpt

According to a survey released in May by Washington, D.C.-based Health Insurance Association of America (HIAA)-a trade association representing approximately 250 of the nation's leading commercial health-insurance carriers-insurers continue to offer long-term care insurance policies that provide a wide range of benefits options at a moderate price. HIAA survey findings include the following:

In 1995, the average annual cost of a private long-term care insurance policy offering four years of $100-a-day nursing home coverage/$50-a-day home health-care coverage and a 20-day elimination period (a deductible, during which benefits aren't paid) at age 50 was $378. The same policy at age 65 was $1,010 annually and $4,148 annually at age 79. The same policy with 5 percent compounded inflation protection costs an average of $798 a year at age 50; $1,881 at age 65; and $5,889 at age 79.

All of the top-11 sellers of private long-term care insurance plans offer nursing home and home health care, adult day care, respite care and alternate care services. Ten of the top-11 sellers offer hospice care, and nine of the top-11 sellers cover living in an assisted-living facility.

All 11 plans are guaranteed renewable, have a "30-day free look" period, cover Alzheimer's disease and offer unlimited nursing home maximum benefit periods and choices for elimination periods (usually between zero to 100 days). …

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