Senator Ted Kennedy Aims High For Long-Term Care Insurance

Senator Ted Kennedy Aims High For Long-Term Care Insurance in Politics and Legislation

This week, U.S. Senator Edward Kennedy unveiled a whopper of a health care and health insurance reform plan, coming in at a hefty 651-page bill.

We haven’t yet gotten around to reading the entire bill, but the provisions are similar to those outlined already by the lawmakers in the U.S. House of Representatives.

Senator Kennedy’s bill includes the creation of a health insurance exchange where Americans can shop for coverage in a highly regulated market and health insurance companies won’t be able to turn down applicants for pre-existing conditions.

Under the Kennedy bill, individuals would be required to obtain health insurance, but waivers would be available for those who truly cannot afford it, reported the New York Daily News.

One big new thing Senator Kennedy introduced into the health care/health insurance fray is long-term care insurance reform.

Long-term care is designed to assist those who need nursing and health care services for long periods of time to help them recover from serious injuries or illnesses. Any constant care needed for longer than a couple months could be considered long-term care.

While anyone might need long-term care, say if a person was seriously injured in a major car accident, long-term care is most needed by elderly people in nursing homes and assisted living facilities.

Kennedy’s bill would actually help seniors pay for the health care services they need in their own homes, rather than forcing a person to move into a nursing home.

Americans would be able to get this coverage for $65 a month from the federal government and would get no less than $50 a day in benefits. You’d have to pay premiums for at least five years to get any benefits, though. Younger Americans can buy this coverage as well for as little as $5 a month.

The idea is to help people plan out how they’ll get their care as they age, and give them access to care when they need it. It can also help cut nursing home care expenses, which are exorbitant.

With the Baby Boomers all approaching the Golden Years, Kennedy has timed this provision pretty well. We shall see how it’s received as the weeks pass.

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