On being able to sustain our current methods of funding long-term care:

“Medicaid is the principal funding source for long-term care (LTC) throughout the United States. Although LTC users are only seven percent of the Medicaid population, they account for more than half of the program’s costs nationally.” Stephen Moses, The Center for Long-Term Care Reform 

“Within 12 years, without an increase in interest rates, the single-largest line item in the federal budget would be interest on the federal debt. That means more than defense, more than social security, more than Medicare.” David Walker, Peter G. Peterson Foundation 

Long-term care is expensive. One year of care in a nursing home, based on the 2008 Texas average, costs over $43,000 for a semi-private room. www.ownyourfuturetexas.org

On the urgent need for responsible long-term care planning:

The lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people age 65 and older. - The American Association for Long-Term Care Insurance (AALTCI) 

“The greatest risk is not the longevity of this bear market, or even another bear market. It’s the devastating cost of long-term care.” – Terry Savage, nationally syndicated Chicago Sun-Times personal finance columnist. 

C.L.A.S.S. stands for Community Living Assistance Services and Support.  The CLASS Act has generally been overlooked in the debate over health care reform. It is a bill introduced by the late Senator Edward M. Kennedy, that would establish a national long-term care insurance program.

Stephen Moses, President of the Center for Long-Term Care Reform, attended a Kaiser Family Foundation briefing titled “The Sleeper in Health Reform: Long-Term Care and the CLASS Act” on October 21, 2009 in Washington, DC.

His reporting on the hearing was picked up by “McKnights Long-Term Care News & Assisted Living”. Click herefor the article, which I beleive is absolutely brilliant.

Although the article deals with complex issues, I think it is clear and easy to follow, even by “lay” readers.  If you take the time to read it, you will gain great insight into why long-term care insurance sales lag, as well.

In my opinion, Mr. Moses bursts a lot of bubbles using nothing but facts and common sense.  The presenters appear to be highly accomplished policy people and academics. As far as their understanding of how enactment of the CLASS Act would actually function,  they dwell in a fantasyland  far removed from reality. The CLASS Act essentially proposes government run long-term care insurance. The brilliant presenters clearly lack the necessary business background to understand what it would take to make CLASS viable.

My friend Steve Moses, President of the Center for Long-Term Care Reform, is featured in a new, 23 minute video, that I think is really great.

The video describes why LTC insurance is necessary for just about everyone. It also explains why the topic of LTC insurance is often overlooked by highly trained professionals, like CPA’s, and why the public often chooses to disregard the probability and risks associated with needing care.

The video was created for CPA’s, but anyone who likes insight and in-depth knowledge, should enjoy it. For example, if you’re an engineer, or a lawyer, or someone who likes details, especially if you’re considering the purchase of LTC insurance, I believe you will follow the video and enjoy it. I have to warn you, for lay people like me who have social sciences background, it may be too dry, or too slow. The content and insights are wonderful, however.

To see it, just click here. Log in afterwards, and give me your comments on it.

Thanks to my good friend Stephen Moses, President of the Center for Long-Term Care Reform (CLTCR), for publicizing www.ltcqueen.com on his blog today.

With more than 76 million Boomers nearing retirement, it comes as no surprise that public programs such as Social Security , Medicare and Medicaid are in real danger.  In the Long Term Care (LTC) arena, public programs — which are currently the primary source of funding – are inevitably facing inadequate funding for the future long-term care claims of the Boomers and beyond.

Steve is spending all of 2008 traveling all over the country in an 18 foot Airstream trailer aptly named “The Silver Bullet of Long-Term Care”.  Check out Steve’s Long-Term Care Consciousness Tour on youtube by clicking here.

Everywhere he visits, Steve meets with the public, the trade, and the media, about the need to for speedy and responsible actions, both public and private, to address the crisis facing LTC.

I was honored to sponsor Steve and the Silver Bullet of Long-Term Care when they came through Houston, this past April. I also want to thank The Forum at Memorial Woods, for largely underwriting Steve’s stay while he was here, and for hosting Steve and the CLTCR at a luncheon and several presentations.

Steve has testified before the US Congress, dozens of state legislatures, an other prominent groups including the AMA and many financial industry associations.  His past experience includes seminal research as a senior analyst for the Health Care Financing Administration and for the Inspector General of the US. Dept. of Health and Human Services.