George W. Bush 2000 On The IssuesLong Term Care
Governor Bush understands that as Baby Boomers and their parents age, long-term care needs will become particularly acute. By 2030, when the last of the Baby Boom generation reaches retirement, the number of individuals aged 65 or older is estimated to double from 35 million to nearly 70 million. Therefore, to ensure that long-term care is available and affordable, as President, Governor Bush will make the cost of long-term care insurance 100 percent tax deductible. In addition, to ease the burden of home care, he will provide an additional personal tax exemption, valued at $2,750, for each spouse, parent or relative that a caregiver tends to in their home.
Governor Bush’s Approach
Lowering the Cost of Long-Term Care Insurance: Governor Bush recognizes that long-term care can be expensive, potentially draining one’s life savings. Today, long-term care costs are met through the federal Medicaid program and out-of-pocket expenditures, since most private health insurance plans do not cover long-term care. Indeed, Medicaid expenditures will have to increase by 360 percent to $134 billion by 2030 to meet seniors’ long-term care needs.
However, many private, long-term care insurance plans are available. While the cost of these plans is not insignificant, it is low relative to the price of a nursing home stay. Thus, Governor Bush’s long-term care plan is designed to make these private plans more affordable, easing the financial burden on families and on Medicaid.
Assisting the “Invisible Health Care Sector”: A growing number of Americans are making the choice to care for loved ones at home. A recent survey found that at least 57 percent of the frail elderly rely solely on family and friends for care. Fully 75 percent of these caregivers are women. In the future, it will not be uncommon for a 95-year-old individual to rely on assistance from a 90-year-old spouse or 65-year-old daughter or son. Governor Bush believes we should help alleviate some of the financial burden for the “invisible health care sector” – those people who care for family members at home.
Governor Bush’s Proposals
To Make Long-Term Care Insurance More Affordable, as President, Governor Bush will:
Source: George W. Bush for President 2000 Web Site
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