tailieunhanh - IS PRIVATE LONG-TERM CARE INSURANCE THE ANSWER?

The SRA also defines risk-sharing between the government and private insurance companies. Under the SRA, insurance companies may transfer some liability associated with riskier policies to the government and retain profits/losses from less risky policies. 17 This transfer of risk is accomplished through a set of reinsurance funds maintained by FCIC. Within 30 days of the sales closing dates for each crop, companies allocate each policy they sell to one of two funds that are maintained for each company by state: Assigned Risk or Commercial. (The previous SRA had three funds.) Each company then decides what proportion of premiums (and potential. | is private long-term care insurance the answer By RichaRd w. Johnson and Cori E. Uccello Introduction As the population ages more Americans than ever before will need long-term care. The cost of providing services is already straining government and family budgets and costs are expected to soar in a few decades when the Baby Boomers begin to reach their 80s. One option often touted as a possible solution to the looming crisis is to promote private insurance coverage of long-term care needs. This brief describes private long-term care insurance and some of the advantages and limitations of coverage. Despite ongoing efforts to promote private long-term care insurance widespread coverage faces a number of important hurdles including affordability uncertainty about future premium increases and the disincentives created by the Medicaid safety net. What Is Long-Term Care Long-term care encompasses a wide range of services for people who need assistance on a regular basis because of chronic illness or physical or mental disabilities. Unlike most health services long-term care is not generally designed to treat an illness or condition. Although it can include skilled nursing care it consists primarily of help with basic activities of daily living such as bathing eating dressing and using the toilet and with tasks necessary for independent living such as shopping cooking and housework . Although two-fifths of long-term care recipients are under the age of 65 this brief focuses on services provided to older Older people with the most serious disabilities generally receive round-the-clock care in nursing homes. Only about 5 percent of Medicare enrollees age 65 and older or about million seniors resided in nursing homes in However 44 percent of 65-year-olds can expect to live in a nursing home now or at some point in the AN ISSUE IN BRIEF CENTER FOR RETIREMENT RESEARCH AT BOSTON COLLEGE MARCH 2005 NUMBER 29 INSIDE INTRODUCTION . 1 WHAT IS .