Recent Studies Show Americans Uninformed About Long Term Care Insurance
A recent study released by AP portrays a staggering lack of preparedness by Americans age 40 and up in the case of Long Term Care Insurance options.
The Rising Need for Long Term Care
Long Term Care is still one of the least popular insurance policies in the nation; only 1 in 10 seniors currently have Long Term Care Insurance. This statistic is shocking because, according to a government study for people 65 years and above, 1 in 2 Americans and 7 in 10 seniors will need Long Term Care at some point. ![long term[...]
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Newly Introduced House Bill Tightens Medicaid Eligibility for Long Term Care
A bill introduced last week in the U.S. House of Representatives seeks to tighten Medicaid eligibility for Long Term Care by allowing states to decrease the amount of home equity exemption to as low as $50,000.
H.R. 1702, or the “Medicaid Program Integrity Act of 2013”, also includes an attempt to eliminate the Maintenance of Effort rules. The Maintenance of Effort rules, which were established in the Affordable Care Act, have been preventing states from closing loopholes that allow Medicaid fraud in long term care services.
Bill Meant to Minimize Medicaid Abuse and Fraud
Both provisions of the bill are intended to reduce Medicaid[…]
Medicare Spared ACA Cuts, CMS letter says
A letter released Tuesday by the Centers for Medicare & Medicaid Services (CMS) dispelled concerns that ACA-mandated Medicare cuts would go into effect this year.
According to the letter, the CMS Chief Actuary is required to calculate the projected 5 year growth rate of per capita cost and spending for Medicare. It must then be determine dwhether or not the growth rate falls within a specified range. The projected growth rates are based upon the medical category of the Consumer Price Index. If the projected growth rate does not fall within the target range, a “savings target” will be implemented and Medicare[…]
Government Commission on Long Term Care
As recently reported on this blog, the “fiscal cliff” deal signed on the 1st of January this year by Congress included a few items relevant to Long Term Care Insurance and created a new Government Commission on Long Term Care. Namely, the final, and widely-thought to be inevitable, repeal of the CLASS Act was included in this deal as well as the subsequent formation of the Government Commission on Long Term Care to examine the problem. This commission is tasked with taking a hard look at the impending crisis of the lack of long-term care planning and coverage in America. This crisis,[…]
Class Act Long Term Care Insurance, Fiscal Cliff and Obama Care
Most Americans have followed the news and discussions surrounding the so-called “fiscal cliff” and what it might mean for the financial stability of our country, and by extension the world economy. While defaulting our debt and financial obligations as a country is certainly something seen by most rational-thinking Americans as not a good thing, few realize that the “fiscal cliff” discussions also touch a lot closer to home in many areas, including the issue of long-term care and how an entire generation of Americans will finance their future long-term care needs. There were two measures that passed on January 1st[…]
Class ACT Legally Cancelled
As we tweeted on New Years’ Day, the CLASS Act is officially no longer a law. The CLASS ACt was a Ted Kennedy initiative that made its way into the Affordable Care Act back in 2010. Forbes reports that CLASS Act was officially killed as part of the Fiscal Cliff deal.
What does this mean for the average Joe? Not much, really. The CLASS Act was dead on arrival when it was made part of the ACA. The only reason why it was included in the bill[…]
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