Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
Whether long-term care insurance should be "mandated" requires an associated question: "Mandated by whom?" Also, any question that includes the word "should" involves a question of values and may fall into a political category of some kind.The question, however, is a good one. We have a looming crisis that has only just begun. Millions of people will soon be at the age of possibly needing extended care before they pass away. The current "baby boom" demographic has hit retirement age and is about 20-30 years from cresting at an age that many may need care before dying. Unless there are many medical advances, care accommodations, and/or technological improvements for elder care, hundreds of thousands of people in their 70s, 80s, and 90s and beyond will need assistance in successfully performing the activities of day-to-day life, such as feeding oneself, getting from one place to another, dressing, bathing, etc.Who is going to provide that care? First, it will be family (spouse and/or adult children, if available), but beyond that, there is only Medicaid (Medical in CA) to provide care services. The problem is that one must become "indigent" to qualify for government aid, and one must be admitted to an approved facility to receive care. (Medicare currently only provides hospital, recovery, and skilled nursing care for a maximum period of 100 days. A hospital stay for a minimum of three days is required to qualify in most cases.)If the questioner is asking should the government be mandated to provide long-term care, then this is entirely a political question. The government, ultimately, is the tax-payer. Congress is the body of our government that legislates laws.If the questioner is asking should everyone be mandated to purchase their own long-term care coverage, the answer is probably "no". Even though that might seem like a solution, the cost of privately-owned long-term care is currently far beyond the reach of many Americans. Some could not even afford the premiums of a base policy which wouldn't come close to paying what long-term care might end up costing.A commission formed by Congress is currently meeting to debate and hear testimony on the question of how we, as a society, will handle those that have no family or other support group, do not own long-term care insurance, and are "taking too long to die". This makes the question a moral one, and one that deserves an answer so that people may die with dignity.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Should long term care be mandated? Originally with the ACA (obamacare) it was. It was quickly removed as it was discovered that long term care payouts are incredibly expensive and a $50 a month charge to everyone would not cover the expenses to be paid out.
It is hard to demand a mandate if one cannot collect enough revenues to pay the benefits the mandate would create. There is a need for LTC for more and more people, private and public insurance struggle to meet the costs expected with the coverage. Private insurance rates are rising at a quick rate. I just don't believe it is mathematically possible to mandate and actually provide the service to everyone.
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It is hard to demand a mandate if one cannot collect enough revenues to pay the benefits the mandate would create. There is a need for LTC for more and more people, private and public insurance struggle to meet the costs expected with the coverage. Private insurance rates are rising at a quick rate. I just don't believe it is mathematically possible to mandate and actually provide the service to everyone.