Long Term Care Insurance Essay - 837 Words

Today, world’s population is aging at a very fast pace and United States is no exception to this demographic change. According to the U.S Census Bureau, senior citizens will be accounted for 21% of the American population in 2050 (Older Americans, 2012). Although living longer lives may not seem like a negative sign, living longer does not necessarily mean living healthier. Older adults of today are in need of long-term and health care services more than any generation before them (Older Americans, 2012). Because of the growing need for senior care, millions of families are facing critical decisions on how to provide care for their parents. In addition, declining birthrates may cause people to have less familial care and support as they†¦show more content†¦Government funded long term care insurance program can provide care services such as; bathing, dressing, eating, transferring, toileting, and continence for seniors. It also can help senior citizens to protect thei r financial assets as well as providing financial and emotional support for the family members. In addition, long term insurance program would ensure older adults to receive quality care, and they would have the freedom to decide where and when to get the care services. The long term care insurance program can be designed as a â€Å"pay-as-you-go system† similar to the one that is established by Japan and financed by a combination of both contributions and general tax revenues (Jones, 2009). A payment system which can be a combination of payroll taxes and beneficiary premiums can be used to finance the program. All workers would be paying a contribution into the program divided equally between employers and employees on top of their health insurance payroll tax (Jones, 2009). By mandating the long term care program to all workers, financial feasibility of the system can be made sustainable. In addition, those who are 50 and older would pay an income based monthly premium, which can help to cover a percentage of the program’s cost. The payroll contribution and the premium finance together significant percentage of the program’s costs would be covered (Campbell Ikegami, 2000). In addition, users of long term careShow MoreRelated Health Insurance, Long Term Care Insurance919 Words   |  4 PagesHealth Insurance #3 Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in home, community organizations, or other facilities. Policyholders can select range of care options and benefits depending on their needs. In most policies, benefits are payable based on insured’s inability to perform two or three specific ADLs, such as eating, dressing, bathing, continence, toileting and transferring. TheRead MoreTaking a Look at Long-Term Care Insurance2106 Words   |  8 Pagespeople younger than 50, long-term care insurance seems like something to worry about for the future. Some young adults feel as though long term care insurance may not be a topic to discuss at their age because they are young and healthy. However, young adults should be thinking about long term care as early as possible. As we can see in healthcare news and headlines, long-term care cost is rising and factors can include your age, medical conditions, and overall need for care. According to, Rich ArzagaRead MorePublic Long Term Care Insurance Of Germany, Japan, And The United States1427 Words   |  6 Pagesprovided an analysis of the healthcare systems in Germany, Japan, and the United States in their article ‘Lessons From Public Long-Term Care Insurance in Germany and Japan’ (Campbell, Ikegami, Gibson, 2009). 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