Posted on 10/25/2011 3:35:51 PM PDT by mdittmar
(AP)
WASHINGTON - It's the one major health expense for which nearly all Americans are uninsured. The dilemma of paying for long-term care is likely to worsen now that the Obama administration pulled the plug on a program seen as a first step.
The Community Living Assistance Services and Supports program, or CLASS, was included in the health overhaul law to provide basic long-term care insurance at an affordable cost. But financial problems dogged it from the outset.
Those concerns prompted the administration to announce that CLASS would not go forward. Yet it could take a decade or longer for lawmakers to tackle the issue again, and by then the retirement of the Baby Boomers will be in full swing.
(Excerpt) Read more at cbsnews.com ...
Our neighbor told us not to be concerned about
long term care assistance, just plan on attempted
robbery or something and hope they give you a few years.
All room & board furnished etc. He’s a comical old geezer!
True insurance is for rare but catastrophic events, such as fire insurance, auto liability insurance, etc.
Even "life insurance" is basically forced savings, to be paid out to your survivors when you finally win the bet that you'll die. The insurance company invests your money so the "benefits" amount to more than you paid in.
The only excuse for "insurance" for long term care is that the insurance company can invest your premiums, so you get a better return than if you invested the money yourself. That may or may not be true. If the government is paying for the program, it is almost certainly not true.
This,I don't want want to end up in some Federal Government controlled center,in a corner,where they give me a drewl cup.
I'll take care of myself,and plan for it!
It’s arises out of a fear of ill health and the expectation that someone owes a sick individual thousands of dollars for professional and institutional care — thousands more than the individual has.
Ill health is very normal. Did you know that morphene, discovered hundreds of years ago, is still the best painkiller out there. It has side effects but so what if you really need it. A friend had gallstones and was given morphene and said the pain disappeared instantly.
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