The Kaiser Family Foundation has released an article making suggestions to change the sector.
In an article entitled “Putting The ‘Care’ Into Long Term Care Insurance”, the Kaiser Family Foundation posted on its news site that the sector of coverage is creating too much of a struggle for those it covers, and that changes need to be made in order to resolve these issues.
According to the organization, the coverage has a lot to offer, but it is still very hard on its customers.
As a lead in to its claims, the statement from the highly respected organization said that “Long-term care insurance is the financial equivalent of doing push-ups — it’s good for you, but not too much fun,” which is precisely how many people who have this type of policy currently feel.
The firm has warned the long term care insurance industry that this is why people aren’t buying.
In its long term care insurance news statement, the foundation pointed out that while the benefits of having this coverage are very high, the current nature of the industry is causing customers to hesitate before buying. The benefits can be highly advantageous, as it pays for an individual’s care when he or she becomes too sick or ill to keep up with his or her own basic needs, such as bathing, grooming, and preparing food.
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As long term care insurance is not cheap, and the sector is now well known for causing significant struggles among those who do have the coverage, people are now hoping that they will simply never need those benefits, or that they will be able to count on their friends or family to take care of them, instead.
Beyond that, the foundation has also pointed out an additional struggle with the long term care insurance industry. This is that a number of providers are becoming known for slow payments, or for completely denying coverage. It pointed out that there are certain states – including Kansas, Alabama, and Oregon – which are working to put new regulations into place in order to assist consumers with this type of benefits struggle.