Congress takes on long-term care insurance

The New York Times' blog, "The New Old Age, " posted this entry about the current congressional discussion about long-term care insurance. The issue has many facets, including consumer protection, financial soundness, and the variables of the marketplace.

Consumers must balance premium affordability with the types of services they may want, the daily benefit amount, the length of coverage and other options, such as inflation protection. But personal needs and the marketplace can change in the decades between purchasing and using a policy, [the executive vice president of the Kaiser Family Foundation] said.

The uncertainty of guessing what care will be needed in the future and at what cost is a huge challenge for consumers. Nevertheless, Congress and insurance companies are trying to work together to provide options and incentives, given the growing pressures on the Medicaid system and Medicaid's tough asset spend-down requirements.