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Category Archives: Long-Term Care
House Panel Votes to Repeal CLASS Act
Members of the health subcommittee at the House Energy and Commerce Committee today passed H.R. 1173, a bill that would officially kill a federal voluntary long-term care (LTC) benefits program, by a voice vote.
H.R. 1173, the Fiscal Responsibility and Retirement Security Act bill, would repeal the Community Living Assistance Services and Supports (CLASS) program provisions that were part of the Patient Protection and Affordable Care Act of 2010 (PPACA).
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Long-term care costs fall heavily on women
Because women live longer, require more care and tend to be the primary caregivers in their families, long-term care falls disproportionately on their shoulders.
Yet according to a recent survey by Genworth Financial women face challenges talking to their families about putting together a financial strategy to deal with long-term care.
Genworth’s survey found that 72% of women said that the biggest barrier to starting this conversation is the concern about upsetting family members, compared with 57% of men that voiced the same worry.
Needless to say, seven out of 10 will need long-term care in their lifetime.
Despite the difficulty in having these tough conversations, long-term care is a hot button issue given that it is likely to be the greatest retirement expense facing Americans today. And as individuals continue to live longer the issue will only get worse.
The number of persons aged 65 or older is expected to double in the next 20 years; there will be 110% more people 80 or older, according to the U.S. Census Bureau. Continue reading
Posted in Long-Term Care
Tagged long-term care, long-term care services, medicare, nursing homes, women
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