Long Term Care Insurance Should Be Hot Topic In 2008 Election

A recent U.S. poll indicated the following:

• Nearly 80 percent of respondents said they want to see long-term care included in the healthcare proposals offered by the Presidential candidates;

• More than 80 percent of those surveyed also said that positions on long-term-care funding will be an important factor in their deciding whom to vote for in this 2008 election; however,

• In spite of this, nearly seventy percent of survey participants indicated they had done nothing to plan for their own long-term care needs, or for those of a spouse or relative.

These results were unveiled at an October long-term-care symposium in Washington, D.C, which was convened by Genworth Financial and which involved representatives from organizations such as AARP, the American Association for Homes Services for the Aging (AAHSA), the American Health Care Association (AHCA), the Alzheimer’s Association, and the National Alliance of Caregivers (NAC).  Participants engaged in discussions regarding two potential crises related to long-term care: rising costs; and an apparent lack of planning at the local, regional, and national levels.

In addition, this symposium marked the release of a book that you may find to be of interest.  Entitled The Future of Long Term Care in America: Views and Recommendations by Prominent Experts, this publication was put out by Genworth Financial to inform policymakers, academics, financial advisors and consumers about the challenges of long-term care.  It is available at cost (less than $10 per copy) on Amazon.com and other popular bookselling Web sites.

Below is a portion of the entire artilce that can be read by clicking on the link at the end of the quote.

WASHINGTON, Oct. 11 /PRNewswire-USNewswire/ — Genworth Financial, Inc. today convened a national symposium of noted experts from the healthcare industry, seniors organizations, government and academia on Capitol Hill to discuss the future of long term care in America. It also released the results of a new poll on the importance of long term care in the 2008 elections and a new book on the future of long term care in America.

Representatives from organizations such as AARP, the American Association for Homes Services for the Aging (AAHSA), the American Health Care Association (AHCA), the Alzheimer’s Association and the National Alliance of Caregivers (NAC) participated in an exchange of ideas and solutions aimed at addressing the looming crisis America faces amid rising long term care costs and a lack of sufficient planning at the national, state and individual levels.

The 2007 National Long Term Care Symposium, moderated by veteran television journalist John Palmer, began with leaders from the Congressional Long Term Care Caucus: Rep. Earl Pomeroy (D-ND), Rep. Shelley Moore Capito (R- WV) and Rep. Tom Allen (D-Maine). Two panels, both composed of contributing authors of the new book, The Future of Long Term Care in America: Views and Recommendations by Prominent Experts, focused on current and future challenges to the nation’s long term care system. In addition, the panel shared ideas about how the nation can become better prepared to effectively handle long term care demands in the decades to come.

“It is estimated that 60 percent of those over the age 65 will require a form of long term care at some point,” said Buck Stinson, president of Genworth Financial’s long term care insurance division. “With the first of the 78 million baby boomers turning 62 next year, we need to be both realistic and prepared for the healthcare demands many of these Americans will have, which is precisely why the discussion we’re having today is so important.”

According to the new bi-partisan national survey conducted by Public Opinion Strategies (POS) and The Mellman Group — and presented by Glen Bolger of POS and Mark Mellman of the Mellman Group — nearly seven in ten Americans have not made any plans for their own, a spouse’s or another relative’s long term care needs. Yet, over half those surveyed have had a loved one who needed some form of long term care. The poll also found that close to 80 percent of the respondents want to see long term care included in the healthcare proposals offered by the presidential candidates. More than 80 percent of those surveyed also said that positions on long term care funding will be an important factor in deciding who to vote for in the 2008 election.

The polling also showed that Americans are willing to bear part of the responsibility to develop a national long term care program, whether through tax incentives for the purchase of private long term care insurance or through a universal healthcare initiative that include long term care coverage. Sixty percent of voters surveyed supported new taxes or payroll deductions to subsidize a long term care program. Sixty-eight percent of those who supported new taxes or payroll deductions also indicated a willingness to pay between $25 monthly and upwards of $50 per month.

To read this story in full, click here.