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May 21, 2020 at 11:49 PM
I just finished reading an article from the New Yorks with the title “One-Third of All U.S. Coronavirus Deaths Are Nursing Home Residents or Workers.”
The figures in the article mean that since the current total U.S death toll from COVID-19 is said to be 86,600, and roughly 28,580 people have died in a nursing home. Even if a vaccine is created in the near future, the death toll attributed to nursing homes is a first-rate indictment of the nursing homes themselves and the government agencies that are supposed to be policing them.
I understand the stresses, strains, financial realities, and other constraints that nursing homeowners need to operate under. This being said, as things move forward, an already tight market for long-term care insurance is likely to find increased resistance to a product that is designed to pay for the bills associated with being in a nursing home which we already know are very steep.
(Related: Coronavirus Care Costs Vary Widely, Even Within Cities)
I think the men and women that design insurance products need to take notice. If I am correct, more and more people will be looking for a product that pays to have a professional come into the home to provide for a person who cannot perform two or more activities of daily living and they would be willing to forgo any nursing home coverage or take it in small chunks of additional coverage. If I am correct, most people would opt for staying at home in all but the most dire of circumstances.
Jerry Cohen