Although the public sector

The ability of today’s health care system to provide high quality care to an aging society depends on the resources available to pay for these services. Although the public sector will bear much of the burden of health and long term care costs many of the required future resources will need to come from the elderly themselves, as is the case today. Unless public insurance systems become much more generous in coming years the elderly will bear the costs of many types of uncovered services.

Drugs and long term costs will top the list of uncovered services. However, emerging elective procedures, perhaps in die area of gene therapy, and cutting edge diagnostic tools may not be uniformly covered by future insurance programs. Senator George Allen, R-Va. , introduced the Long-Term Care Act of 2005. The legislation, if passed, will make it possible for individuals to use money from their 401 (k) and 403 (b) plans to purchase long-term care in insurance with pretax dollars without penalty.

The Long-Term Care Act is similar to companion legislation introduced in the House by Rep. Lee Terry, R-Neb. It would allow individuals to use their Individual Retirement account (IRA) pretax dollars without penalty in addition to using their 401 (k) and 403 (b) plans. Allen’s proposal, cosponsored by Sen. Mel Martinez, R-Fla. , was referred to the Senate Judiciary Committee. The House bill was sent to the House Sub-Committee on Health just this past March. By the year 2030, Medicaid’s nursing home expenditures are expected to reach $130 billion per year.

Private long-term care insurance could reduce Medicaid’s future institutional care expenses by more than $40 billion each year, while giving those who are insured alternatives to nursing homes, such as home care, adult day care or foster care and assisted living. The costs of long-term care can be staggering and quickly exhaust even a modest estate. The magnitude of the cost for long-term care is potentially catastrophic to the average American with the median annual income of $52,000.

According to a recent market survey, nursing home stays average two and one-half years with an average yearly cost of $55,000 per year or a total of approximately $138,000. It is easy to see how such care could quickly deplete the asset of a household. Four out of 10 people living to age 65 and older will use a nursing home for long-term care and 21% of those will stay for 5 years longer. Many others will use home health care. Depending on the required level of skill, home health care may equal the cost of nursing home care. The Congressional Budget Office has projected long-term care costs will double from 2000 to 2020.

Further compounding the situation has been the diminished willingness of the federal and state governments to continue to absorb over fifty-seven percent of the long-term care costs through Medicare and Medicaid. Policy-makers have been seeking and choosing techniques that limit public responsibility and financial involvement in favor of transferring more and more costs back to the individual through the private system. A major policy goal is to change public opinion to view long-term care a particular risk and thus the responsibility of the individual rather than that of the government.

With such a shift in thinking long-term care insurance would be a component of retirement planning with emphasis on a private-sector solution rather than a public one. Facing the reality of financing long-term care may require a national crisis in which care becomes unavailable or unaffordable. Under such circumstance, there might be a heightened awareness of the need for clear public policy. Policy-makers will have to face the only feasible alternatives to the existing system: full public financing of long-term care funded by tax dollars or greater incentives for private long-term insurance both through group and individual plans.

These approaches are far from perfect by to leave the system as it is could mean long-term damage to the economy through the hugely inefficient diversion of money to pay for long term care that we see today. Reference: American Council of Life Insurance (1998). Who will pay for the Baby Boomers’ Long- Term Care Needs? Washington, D. C. : Cynthia E. Conrad & Ann Costello Beam, B. and J. McFadden (1998). Employee Benefits. Detroit: Dearborn. Bell, A. (2001) . “Group LTC Plans Jump 121% Last Year”. National Underwriter. (http://www. nunnews. com/zrchives/th_archive/2000/-105-01/1200118grouplte. asp).

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyStudyWriters
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
great job as always
Customer 452773, February 26th, 2023
Business and administrative studies
looks good thank you
Customer 452773, March 3rd, 2023
Business and administrative studies
excellent work
Customer 452773, March 12th, 2023
excellent job made a 93
Customer 452773, March 22nd, 2023
Business and administrative studies
excellent job thank you Your Score 166.25/ 175- A 1. Current Culture 15% of total grade 18.37 Criterion "1. Current Culture" has textual feedback Criterion Feedback I see interesting points, though, in general they are not about the culture.
Customer 452773, June 4th, 2023
Business Studies
Thank you very much for a good job done and a quick turn around time.
Customer 452615, March 31st, 2021
Business and administrative studies
Thank you
Customer 452773, March 19th, 2023
Business and administrative studies
Thank you for your hard work and help
Customer 452773, February 21st, 2023
Human Resources Management (HRM)
excellent job
Customer 452773, June 25th, 2023
Business and administrative studies
Excellent job
Customer 452773, March 17th, 2023
Human Resources Management (HRM)
excellent work
Customer 452773, July 3rd, 2023
I just need some minor alterations. Thanks.
Customer 452547, February 10th, 2021
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp