Long-Term Care Is No Longer Just A Women's Issue A Diverse Coalition Hosts LTC Awareness Day

(June 11, 2003, Arlington, VA) – A broad-based coalition representing seniors, caregivers, providers and insurers, is hosting a serious of events today in support of federal tax relief for long-term care. By making the cost of long-term care insurance tax deductible and creating a caregiver tax credit, more individuals will be able to afford this important protection.

“The financing of long-term care is a growing concern for many Americans,” explained Janet Trautwein, vice president of government affairs. “A new study being released today reveals that men are nearly as likely as women to be the primary caregivers for older relatives. Also, when it comes to long-term care, men and women are equally concerned that LTC expenses could wipe out their retirement savings. In fact, many people underestimate the cost of long-term care and do not plan for the future appropriately. The average cost of a year's stay in a nursing home is $40,000 to $80,000, and the average stay is two and a half years.

“Medicaid is now the primary payer of long-term care services, and as a result, state and federal governments bear a tremendous burden for long-term care services. The baby boomers’ aging will only exacerbate this problem, which will be compounded by the fact that elderly individuals often believe, mistakenly, that Medicare pays for long-term care costs. In fact, long-term care costs consume about two-thirds of a state’s budget; with states running deficits, Medicaid cannot continue to support these outlays. It is critical that we do something now to encourage people to plan privately for their long-term care needs, just as they do for their other retirement needs.

“NAHU looks forward to working with members of Congress and the Administration on bringing affordable access to private long-term care insurance for more Americans.”

The National Association of Health Underwriters represents more than 18,000 professional health insurance agents and brokers who provide insurance for millions of Americans. NAHU is headquartered in Arlington, VA. For more information, please call Kelly Loussedes at 703-276-3835 or email kloussedes@nahu.org.

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