Brief Is Private Long-Term Care Insurance the Answer?
Richard W. Johnson, Cori E. Uccello
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The cost of long-term care, which already strains government and family budgets, is expected to soar in a few decades when the Baby Boomers begin to reach their 80s. Private insurance is often touted as a possible solution to the looming crisis. This brief describes private long-term care insurance and some of the advantages and disadvantages of coverage. Despite ongoing efforts to promote private long-term care insurance, widespread coverage faces a number of significant hurdles, including the affordability of coverage, uncertainty about future premium increases, and the disincentives created by the availability of Medicaid coverage.
Research Areas Health and health care Aging and retirement
Tags Long-term services and support Retirement policy
Policy Centers Income and Benefits Policy Center