Financial Information
What is the future of Long Term Care Insurance Industry under Obama? Will cover the national health LTC?
Long Term Care insurance protects families from the costs of in-home workers, assisted living facility costs and nursing home costs, which often run from $ 50,000 to over $ 100,000 per year, and can wipe out most of the families. About half of us have this extended care.
I live in Canada, where we have universal healthcare.
Our health care system covers bare bones treatments.
Doesn’t cover LTC, doesn’t cover travelling or accomodations for treatments if you need to go to a different city for treatments, doesn’t cover parking at the hospital (which is about $10 a day at most places), doesn’t cover your food, if you want a telephone or TV in your room it’s not covered, if you want a semi-private room it’s not covered, doesn’t cover lost wages while you’re sick, doesn’t cover any optional or elective procedures, doesn’t cover modifications to your home if you suddenly need wheelchair access or something, doesn’t cover ambulence rides. There are TONS of expenses not covered under universal health care.
Our health care is ‘free’ here, but there is still huge demand for LTC and critical illness insurance, infact statistics say that the largest demographic of people that by LTC and CI insurances are doctors, nurses and medical care workers. Goes to show how much faith they have in Universal Health Care being ‘free’.
I would assume that if Obama goes ahead with universal healthcare it there would still be a need for extra coverage through LTC and CI unless he comes up with some new wage plan that will cost tax payers litterally billions upon billions of dollars.