LTC Bullet: Terry Savage Endorses LTC Insurance
Wednesday October 28, 1998
Well-known author and syndicated columnist Terry Savage stressed the importance of LTC insurance to boomers and their parents on the PBS Nightly Business report last night (10/27/98). David Rosenfeld, Vice President and Chief Counsel of the Center for Long-Term Care Financing, welcomed the opportunity to assist Ms. Savage in her research.
The following is an excerpt from Ms. Savage's commentary:
"Now most people don't know, or don't want to know, that Medicare covers only short-term nursing home stays after an acute illness. Medicaid, the poverty program, does cover longer term nursing home care. But only after all other assets have been spent. Now is that the care you want for your parents or yourself at the end of your life? Better to plan ahead by choosing one of the new long-term care policies that gives you a pool of benefits you can tap for home health care assistance instead of moving into a care facility."
Ms. Savage is on the mark when she asks viewers whether they want themselves or their parents to experience the reality of welfare-financed care. Yet educating boomers and seniors about long-term care insurance will remain an uphill battle as long as Medicaid benefits are easily obtainable after the insurable event has occurred.
The full transcript of Ms. Savage's commentary is available
at www.nightlybusiness.org at the link labeled "How to Buy
Long-Term Care Insurance."