Washingtonians for a Responsible Future

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Yes, We Can Create A Universal Long-Term Care Insurance Program

Forbes Personal Finance:

For three years, I’ve been working with a diverse group of policy experts to create a consensus framework for financing long-term supports and services (LTSS). This morning, the Long-Term Care Financing Collaborative, released its recommendations. And they are built around two major reforms: a new universal catastrophic long-term care insurance program and major improvements to Medicaid’s LTSS benefit.

Our insurance proposal would create an alternative to Medicaid for many middle-income people who now impoverish themselves paying for both long-term care and related medical expenses.

Our plan recognizes that everyone who needs care is not the same. A 45-year old with MS has very different needs than an 85-year-old widow with dementia. Similarly, people with high lifetime incomes should be expected to pay for a share of their care through personal savings, home equity, or private insurance. Others will never have the resources to finance their care.

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