LTCi: The New Normal
According to The Gray Lady, about a third of all CV-19 deaths have occurred in nursing homes:
This makes sense, of course; these are pretty much the most vulnerable among us, kept in a relatively small,confined environment.
Heck, even now, politicos know enough to move their own parents out of these places:
#SomeAreMoreEqualThanOthers, one supposes.
So what does this have to do with Long Term Care insurance?
Well as FoIB (and LTCi Guru) Randy G explains, the impact of this is enormous:
Knowing that most (all) nursing homes have been essentially on lock-down for the past two-plus months, and deaths are still mounting at them, it makes sense that, going forward, even more folks will opt for in-home care. Which is great for places like Visiting Angels and the like, but who pays for this?
If your immediate response was Medicaid, well, think again:
The key word here is some, and as states are being saddled with more and more of the Medicaid financial burden, look for those to become even more curtailed. And it’s also important to understand just what in-home services are being covered:
“Medicaid home care services are typically provided through home- and community-based services “waiver” programs.”
Yikes.
And this is where a properly constructed Long Term Care Insurance plan comes in: one that covers both facility and in-home care (which is pretty much standard now) can offer peace of mind (and choice!). If you’ve been putting off looking at a plan, there are still a lot of choices available (and yes, that includes you folks over 65).
Oh, and if you think we’re exaggerating about the impact of this situation on the future of nursing homes, Randy G also sent along this:
But wait, there’s more:
“Even before COVID-19, the mixed business model of nursing homes was extremely challenging for all but the most efficient providers … Some of those short-term challenges may fade over time. But some will not.”
#SomethingToConsider
Source: http://insureblog.blogspot.com/2020/05/ltci-new-normal.html
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