Long Term Care Insurance Essay

Given the increasing longevity of Americans and the apostrophizes of providing long-term occupy, anticipation of the costs should be a major element of every familys financial planning. Current information suggests however, that very few families or individuals go through this consideration. What factors might occlude this advance planning? What measures might be impressive in raising aw atomic number 18ness among Americans approximately this important matter? nurture your answer with at least(prenominal) one outside reference. People pitch to be irrational in their decisions with regard to long-term medical care.The factors that impede rational decision-making among wellness care consumers have not changed over the coating decade. The major problem is that consumers lack relevant information about the availability and effectiveness of health care services in long-term prospect (RWJF, 1998). Another problem is that rational decision-making about long-term care inhibit s the common sense of autonomy among consumers in other words, consumer un entrustingness to plan for future long-term care inescapably undercuts their autonomy and precipitates a rush toward dependence and financial difficulties (RWJF, 1998).Ultimately, consumers have a hidden hope that their relatives and not medical facilities will help them resolve their decision-making issues in future. Here, an information campaign could help articulate consumer awareness about the benefits of advance planning, as well as the availability, and the timberland of health care services. Very often, physicians themselves fail to assess long-term consumer needs as a result, collapse training and full information about the types of long-term health care arrangement may help purify the situation.The number of those involved into advance planning programs will serve a reliable indicator for the program effectiveness in the long run. 2. to a greater extent than trinity-fourths of the elderly nee ding assistance is cared for by family members, many of whom also fly the coop outside the mansion. What implications does this have for employers? What types of employer policies might be appropriate regarding those engaged in providing long-term care for a family member? Support your answer with at least one outside reference.Statistical research suggests that over three quarters 78 percent of adults receiving long-term care at home rely exclusively on assistance from family members, friends, and volunteers, referred to as informal care (Thompson, 2004). Despite the benefits which caregiving offers to a disabled person, it has far-reaching negative implications for the amiable, physical, and social dry land of the caregiver. beyond the mere fact that caregivers are more vulnerable to mental and physical health complications, they face serious employment challenges.Some caregivers reduce their hours and others bring completely from the labor force (Thompson, 2004). Employer s find it difficult to work with employees, who are depressed or are ill as a result of excessive caregiving. Here, Long Term Care Insurance (LTCI) may present employers and employees from financial and physical losses. LTCI is usually a small expenditure for a firm (all LTCI premiums are tax deductible). Simultaneously, it assures persona when needed, and equally important, helps the employee protect assets for retirement (Florek, 2005).Taking into account that workplace accommodations made by caregivers usually cost up to $30 billion annually in lost productivity (Florek, 2005), LTCI may become an excellent solution, providing employers and employees with a chance for a interrupt quality of care without substantial losses for business. 3. Concerns regarding the potential costs of warmth for those with mental illness have caused the majority of insurers and HMOs to rely on carve-outs write into their policies. In your own words, describe what the term carve-out means in rega rds to the behavioral health industry.What are the advantages and disadvantages to this practice? Support your answer with at least one outside reference. Carve-out is a relatively new alternative lay of health care provision in behavioral health industry. In simple terms, a carve-out is a system of administrative measures used by health care facilities to shift their responsibility for consumers mental health onto a different network of mental health providers. In carve-outs, a metier organization or vendor assumes the responsibility for identifying a network of mental health providers, establishing a mechanism for accessing those providers (Entrepreneur, 1998).The impact of carve-outs on the quality of health care is rather controversial. Not all states were able to perceive the benefits of remarkable cost decline that usually follows the development and implementation of carve-out initiatives at the state level (Brisson et al, 1997). Although Massachusetts was the one to exp erience dramatic decrease in medical expenditures, that was not the case for Tennessee (Brisson et al, 1997). Moreover, Merrick, Garnick & Horgan (2001) suggest that carve out benefits do not protect enrollees from the risk of catastrophic expenditures.In terms of quality care, the results of scarce research suggest that the implementation of carve-out mechanisms is not associated with a better (or worse) quality of care (Busch, Frank & Lehman, 2004). As a result, the advantages of carve-out programs do not seem to go beyond the dry financial statistics in regards to the reduction of expenditures in mental health industry. References Brisson, A. E. , Frank, R. G. , Notman, E. S. & Gazmararian, J. A. (1997). Impact of a managed behavioral health care carve-out A case study of one HMO. National potency of Economic Research.Retrieved January 26, 2009 from http//www. nber. org/papers/w6242. pdf Busch, A. B. , Frank, R. G. & Lehman, A. F. (2004). The effect of a managed behavioral healt h carve-out on quality of care for Medicaid patients diagnosed as having schizophrenia. Arch Gen Psychiatry, 61 442-448. Entrepreneur. (1998). Managing behavioral health. Entrepreneur. com. Retrieved January 26, 2009 from https//www. entrepreneur. com/tradejournals/ word/54586928_1. html Florek, P. (2005). Long-term care insurance protecting the employer, employee, and family. RedOrbit. Retrieved January 26, 2009 from http//www. redorbit.com/news/ engine room/267111/longterm_care_insurance_protecting_the_employer_employee_and_family/index. html Merrick, E. L. , Garnick, D. W. & Horgan, C. (2001). Benefits in behavioral health carve-out plans for Fortune 500 firms. Psychiatr Serv, 52 943-948. RWJF. (1998). Advance planning helps consumers make better decisions about long-term care. Robert timberland Johnson Foundation. Retrieved January 26, 2009 from http//www. rwjf. org/reports/grr/022308s. htm Thompson, L. (2004). Long-term care support for family caregivers. Georgetown University . Retrieved January 26, 2009 from http//ltc. georgetown. edu/pdfs/caregivers. pdf