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Proposed Legislation Concerning Long-Term-Care Insurance May Cause Problems for Consumers


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(OPEN):
CONGRESS IS CURRENTLY WORKING ON LEGISLATION DESIGNED TO ENSURE THAT ALL AMERICANS HAVE LONG-TERM-CARE INSURANCE.  BUT, WHILE THE AMERICAN COUNCIL OF LIFE INSURERS SUPPORTS THE LEGISLATION'S GOAL, IT'S CONCERNED THAT THE BILL MAY CAUSE REAL PROBLEMS FOR CONSUMERS.  A-C-L-I PRESIDENT AND C-E-O, FRANK KEATING, EXPLAINS...

(KEATING):
"
THE GOAL OF THE 'CLASS ACT' IS WORTHY:  TAXPAYERS COULD PARTICIPATE IN A FEDERAL PROGRAM WHERE THEY'D BE PAYING REGULAR PREMIUMS, AND RECEIVING BENEFITS IN THE FUTURE.  HOWEVER, PREMIUMS WOULD INCREASE ANNUALLY--AND BENEFIT LEVELS COULD FLUCTUATE.  IN FACT, UNDER ONE PROPOSAL, THE 50-DOLLAR BENEFIT WOULD CLEARLY BE INADEQUATE--PROVIDING, AT MOST, ONLY 12-PERCENT OF A PERSON'S POTENTIAL AROUND-THE-CLOCK, HOME-CARE NEEDS.  AND, THERE'S NO TELLING HOW MUCH THIS PROGRAM WOULD ACTUALLY COST THE FEDERAL GOVERNMENT.  THERE ARE BETTER SOLUTIONS:  CONGRESS COULD PROVIDE INCENTIVES FOR THE PURCHASE OF LONG-TERM-CARE INSURANCE, THROUGH THE WORKPLACE.  AND, LONG-TERM-CARE PARTNERSHIPS CAN BE EXPANDED, TO MORE STATES.  THROUGH THESE OPTIONS, THE BURDEN ON GOVERNMENT PROGRAMS CAN BE REDUCED--AND MORE AMERICANS WILL HAVE ACCESS TO AFFORDABLE COVERAGE THAT TRULY AND EFFICIENTLY MEETS THEIR LONG-TERM-CARE NEEDS.
"

(CLOSE):
FOR MORE INFORMATION, VISIT "A-C-L-I"-DOT-COM.



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