WASHINGTON (AP) — The Obama administration's decision to pull the plug on a financially flawed long-term care insurance plan is likely to worsen a dilemma most middle-class families are totally unprepared for.
A nursing home can cost more than $200 a day and a home health aide averages $450 a week, usually part-time. Yet long-term care is one major health expense for which nearly all Americans are uninsured. Only about 3 percent of adults have their own policy, and Medicare doesn't cover it.
Families confront their financial exposure when a frail elder takes a turn for the worse, a teen is calamitously injured in a car crash or a middle-aged worker suffers a debilitating stroke.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
