Let’s say you want to live forever: not on the Heavenly plain, but right here on messy, familiar Earth.
If we could provide a pill, potion or incantation to grant your wish, would you take the plunge? Better think long and better think twice, because our offer doesn’t come with an income supplement: you’ll be fending for yourself. Odds are you suddenly began humming the tune, “Who wants to live forever?”
Providing for long-term care in retirement is a major dilemma. Just about everyone needs coverage, but it’s hard to come by: misunderstandings about Medicare abound; the premiums can be eye-watering; and health-condition hurdles are hard to pass: around a quarter of all applicants for LT coverage are rejected by insurers.
Innovative solutions are needed and they’re starting to arise. In the linked podcast, a Motley Fool panel consults with Dr. Jean Accius, a specialist in long-term care provision with AARP.
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A few key topics come up for discussion. First, they examine the rise and fall of the long-term coverage policies sold by insurers. The problem, it seems, was that the policies were just as useful and appealing as the insurers advertised, and good bargains to boot. People bought them with abandon and the insurance companies ended up taking a significant hit.
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Another approach to LT care can be called innovative, but in actuality it is based on a very ancient model. They call it “village-based care.” Finally, they discuss societal values and the idea that providing long-term care might be a matter of social justice. Each developed society looks at aging in a unique way and Americans may need to examine their values to see if a change of outlook – potentially leading to better care for the elderly – is needed.
For more information, please read:
Long-Term Care: The Old Way to Handle It vs. the New Way | The Motley Fool