April 18, 2012

Which Candidate Is More Likely to Support LTC Insurance? Poll Has Surprising Answer

A straw poll found Americans gave a conclusive answer to whether Obama or the GOP candidate would be more likely to support LTCI

Who’s more likely to make sure Americans can afford to pay for long-term care? According to a poll released Wednesday by LTC Financial Partners, a long-term care insurance agency, it’s the Republican presidential candidate, whoever that may be.

The surprising finding, because of President Obama's support of the Health Care Act, in a survey by LTCFP that asked which candidate, Obama or "The Republican Choice," would be more likely to support federal incentives that help Americans afford private long-term care insurance, two-thirds picked the unnamed Republican candidate as of Wednesday. The poll will be open until the election. 

Although the Affordable Care Act originally included a public option for long-term care insurance, the CLASS Act, it was dropped in October because of fears over its ability to remain solvent for the 75 years mandated by law.

"Now we need to rely entirely on the private sector," Jonas Roeser, senior vice president of marketing and operations for LTC Financial Partners, said in a press release. "But the government can still help by introducing new tax breaks or other incentives to make it easier for people to protect themselves.”

Nearly three-quarters of people older than 65 will need long-term care at some point, Roeser says, citing data from the Department of Health and Human Services. Most people, though, “don't have a plan to pay for this care, meaning their close relatives could be hit hard in the pocketbook,” he says. “That includes just about everybody."

Both candidates “can and should state their intentions now and frequently during the campaign,” Roeser added. “Doing so can be good for the country, and who knows? It just might determine who makes it into the White House."

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