“U.S. Long-Term Care Insurance Users Average $1.4M in Household Wealth: Study,” by Allison Bell, ThinkAdvisor
“For long-term care insurance users ages 85 and older, the median level of household wealth was $504,000 and the average level of wealth was $881,000. The wealth figures included the value of the insureds’ homes. Jonathan Gruber, an MIT economist, and Kathleen McGarry, a Stony Brook University economist, put those long-term care insurance facts and more, based on data from the RAND-HRS and Health Retirement Study, in a new working paper about how the United States pays for long-term care for older Americans.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
It’s not surprising that LTCI users have substantial wealth. Protecting their wealth was likely a major reason they bought the coverage. What’s more interesting is whether they could have qualified for Medicaid LTC benefits despite their financial holdings? And could they have avoided Medicaid’s access and quality deficiencies? Answers to both questions: yes. For how and why, read “Long-Term Care: The Problem” and “Long-Term Care: The Solution.”
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