Senator John Thune Talks Long Term Care Insurance

July 12th, 2007

The high cost of healthcare, including long-term care, is consistently one of the most important concerns I hear about from individuals, families and businesses. In South Dakota, the average annual cost of a one-year nursing home stay is over $50,000 and growing ($70,000 nationally).

As we begin to tackle the larger issue of healthcare reform, we must also address the looming challenge of an aging population — which will create an even greater demand for affordable long-term care services. In rural areas such as South Dakota, this presents an even greater challenge. The soaring cost of long-term care also continues to put a considerable strain on our federal healthcare programs, Medicare and Medicaid.

But there is a solution: long-term care insurance. I am working on legislation to encourage the use of long-term care insurance by allowing individuals to purchase qualified plans with pre-tax dollars, penalty-free from their 401(k) plans, IRAs and other tax-advantaged retirement accounts. Through the purchase of long-term care insurance, individuals will be empowered to plan for their future and their long-term care needs.

Read the rest of the story at yankton.net

The ability to purchase long-term care insurance with 401(k), IRA, and other tax-advantaged funds would be a great benefit to American citizens. As the Senator stated, long-term care can be a huge expense that can unfortunately become unmanageable without proper long-term care insurance.

If you would like to learn more about long-term care insurance or receive a price quote, please click here to request long-term care information.

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Posted in: Long Term Care » by: ryan