Long-term care insurance plan could partially offset the cost of healthcare reform
Contemporary Long-Term Care Weekly, July 2, 2009
A new insurance program for long-term care that Democrats included in the Affordable Health Choices Act, a bill that aims to overhaul the nation’s healthcare system, would provide approximately $58 billion in revenue for the government over the next 10 years, according to preliminary analysis conducted by the Congressional Budget Office (CBO).
The program, which would provide the elderly and disabled with at least $50 a day to pay for healthcare, would be supported by premiums averaging $65 a month. In order to receive coverage, people must first pay into the program for at least five years, according to CQ Politics.
Although the revenue produced by the program could help offset some of the cost of healthcare reform, long-term care spending is expected to increase after 10 years, by which time the program may no longer be profitable, according to CQ Politics. However, the bill includes provisions that give the Secretary of the Department of Health and Human Services the ability to make modifications, such as raising the premiums or closing enrollment, to maintain the program.
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