According to an online article in Forbes on March 14, following the end of the CLASS Act last year, there has been a great deal of concern about the way that the needs for long-term care by the elderly and disabled younger adults, will be financed in the United States.
Federal officials and about two dozen states have now taken a fresh step to rectify this problem, working with insurance company executives, advocates, and researchers in a meeting that lasted almost six hours for an idea exchange.
The group was hoping to stay under the radar, and therefore its participants requested that Forbes not reveal any specifics about their identities.
So far, the discussions showed that there is a long way to go for a number of the important issues as there was significant disagreement. However, at the same time there were some key issues that were solidly agreed upon.
The primary agreement was that the country is not at all ready to deal with the high expense that will be generated by the long-term care and that there is a lack of sustainability in the current system (which is built on a foundation of out-of-pocket payments, Medicaid, and a scattering of individuals who hold their own private policies for long-term care coverage).
Anna Rappaport, a retirement consultant, provided research data to assist the group in their focus on the requirements of the three main groups of people who are 55 years old or more:
• The wealthy with a high net worth and income;
• The poor with few assets and low incomes;
• And those who are in between.