Worker Shortage Won’t Impact Long Term Care Insurance Owners

Los Angeles; April 17, 2013 – Projected labor shortages may affect nursing homes and may make in-home care more competitive but those with long term care insurance won’t be impacted predicts the director of the American Association for Long-Term Care Insurance.

“The Wall Street Journal reported this week that as baby boomers enter old age, nursing homes will face a serious labor shortage,” explains Jesse Slome, AALTCI’s executive director.  “Their current workforce is old and beginning to retire and finding and keeping workers who will accept minimum wage is difficult at best.”

Slome was speaking to consumers about the importance of long-term care planning and benefits of long term care insurance.  “There are about 40 million Americans currently over age 65, but that number is projected to reach 73 million by 2030,” Slome shared.  “The vast majority have no plan in place and will rely on whatever government and charity programs will exist at that time.”

According to U.S. government estimates, the growing population of elderly will require five million direct-care workers in 202.  “That’s nearly 50 percent more than the current workforce,” Slome shared.  “Nursing homes will do their best but how much quality can you provide when workers demand more and government programs pay less.  The formula just adds up to poorer quality for those who can not afford to pay themselves.”

Slome refers to long term care insurance as today’s ‘nursing home avoidance’ protection.   “Insurance provides you with the ability to receive care at home and avoid going to a nursing home,” Slome adds.  “Medicaid, the government’s program for the poor will be sending more people to nursing homes and then limiting the payments.  If you want options to avoid that situation, start saving now or have some insurance to help pay part of the costs for home care. ”

The Association recommends a “Good, Better, Best” approach to long term care insurance protection.  “Good coverage may only pay half the cost with you paying the rest from Social Security or savings,” Slome explained.  “But you’ll be able to get better care and access to workers when you have the ability to pay, and that’s an advantage those without long term care insurance will not enjoy.”

Established in 1998, the American Association for Long-Term Care Insurance is the national trade organization based in Los Angeles, California.  To connect with a designated specialist for no-obligation long term care insurance costs from a member of the American Association for Long-Term Care Insurance visit the organization’s website or call 818-597-3227.

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