“Medi(long-term)care for All: A Look into the Future of Long-Term Care Insurance—Part Two,” by Stephanie Moench and Shawn Stender, Society of Actuaries Long-Term Care News

 

Quote:

“Conclusion: While the case study performed demonstrates that a social LTC program similar to that adopted in Washington state could be beneficial for both consumers and LTC insurers, it is still un-clear whether this type of program would be the best fit for the current social, political and economic environment in the United States. Additionally, there are a number of unknowns, including funding and program features, which would need to be addressed by regulators and actuaries before a social LTC program could be established. Nevertheless, there is a significant need for LTC, and the private LTC industry will continue to evolve to meet this need.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Kudos to the authors for taking a stab at the long-term care windmill. But, alas, their quest makes Don Quixote’s look pragmatic by comparison. While there never was any hope for “a social LTC program similar to that adopted in Washington state,” any residual fantasy in that regard has been dashed by economic and epidemiological reality. Even with the paroxysm of funny-money printing and spending currently underway no one is talking about channeling any of it to finance long-term care. Nursing homes can’t even get adequate personal protective equipment from Uncle Spendthrift. We’re going to lose Medicaid before we gain a new public LTC program. It’s time to stop dreaming of a government savior and face facts. Private financing is the future of long-term care supplemented by a residual, bare bones, means-tested welfare program. Here’s how to achieve it: Medicaid and Long-Term Care.