Since there is a big demand for LTC insurance in the present situation of those who are considered baby boomers, it is but right to be updated and be informed of the most updated happenings with long term care in the news.
This is one way for them to know the latest trends and issues concerning the LTC insurance industry and to also appreciate the fact that they have an LTC insurance plan that would help them pay for the high costs of LTC services that they are receiving or might receive in the future.
Sadly, not all “baby boomers” have shopped for long term care quote and secured themselves of an insurance plan. Some of them now face the harsh reality that they might not be able to use or get all their needed LTC services and facilities just because they hesitated or doubted the value of an LTC policy. Now, they have to depend and rely on whatever facility they could get with the use of their personal savings, which may not even be enough to pay for a year’s worth of staying in an assisted living facility.
Younger individuals have now the better chances of getting lower long term care insurance costs and they too, should be updated with the latest news about LTC insurance in the country. Not only would they know and be informed of what they can expect from owning an LTC policy, but they can also weigh their reasons and other factors on why they should go and buy one.
One of the latest updates of long term care in the news is about the cancellation of the Community Living Assistance Services and Supports Act or more commonly known as the CLASS Act. It is one of the biggest news before 2011 ended because the program was repealed 19 months after President Barack Obama signed it into law.
The Department of Health and Human Services stated that it was cancelled due to the lack of stable funds and because the conditions and guidelines for the first wave of policyholders who are supposed to receive benefits after five years are still unorganized.
This posted great concerns to those who have seen it as their last option in getting an LTC insurance policy. But the government has promised the public that they are still searching for more effective programs and laws that would benefit the LTC needs of the majority of the American population.
But there is also some favorable news for the insured individuals such as the latest tax deduction limits that are now being implemented to give more benefits and advantages to the LTC policyholders.
Insurance industry experts are happy with the newest tax deductions and they hope that this could encourage and convince those who are still uninsured to avail their own LTC plans. They are also hoping to continue having better tax limits in the future so that the insurance owners can feel how fortunate they are to have been able to purchase an LTC plan.
More particulars about long term care in the news would be available from time to time so make it a habit to check the different news sources such as newspapers, television, and the Internet for the latest information and details such as how to pay for long term care.