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Expert: Long-term care health coverage a hidden casualty of economic slide
Date:12/4/2008

ly provides just eight hours of care rather than a full day.

"I think that the essential takeaway is that private-market solutions are fraught with uncertainty and that prospective policyholders need to be sure that they will be able to afford the policy if there are significant rate increases," Kaplan said. "Retirees may need to buy lower benefit coverage because what they can afford today may not be what the policy costs down the road, regardless of the company involved."

Only an estimated one in 10 Americans has long-term health-care coverage, but Kaplan suspects the numbers will grow in light of the lingering economic crisis that has withered personal wealth.

"Virtually no one plans to end up a pauper and access Medicaid," he said. "So the alternatives are paying for it yourself or shifting the risk to an insurance company. The insurance option may have spooked people in the past and it's a spookier product today. But the prospect of paying your own way is a great deal chancier than it was a year ago."


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Contact: Jan Dennis
jdennis@illinois.edu
217-333-0568
University of Illinois at Urbana-Champaign
Source:Eurekalert

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