Monday, September 29, 2008

Is a "National Insurance Trust" a good concept for LTC insurance? What about CCRC's?


The New York Times has a major blog article today (Sept 29) by Jane Gross, “Choosing Long-Term Care: Advice from an Expert,” link here. It comes from a series called "The New Old Age."

The article mentions another resource which may be less expensive than some others, continuing care retirement communities (CCRC’s). The article presents a conversation with Larry Minnix, president of the American Association of Homes and Services for the Aging (link). He advocates a National Insurance Trust described at “The Long Term Care Solution” with at a website starting with a Flash video, link here. The concept seems to be broadly mirrored after “cash and counseling” in the Medicaid programs in some states. The Moran company has a more detailed discussion on how this should work on the same site as a PDF document here. There are several controlling principles, such as that everyone in the program pays into the system until receiving benefits, and that everyone, in any age group, starts out healthy and not disabled. These seem to require special study to sort out and I welcome constructive comments. .

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