The “excessive prices” of assisted living, nursing home and home care make long-term care insurance a necessity, according to two Connecticut senators who on Thursday identified making long-term care insurance more affordable as one of their healthcare policy priorities for 2020.
Connecticut Sens. James Maroney and Matt Lesser, both Democrats, said “price gouging” is “prevalent” in long-term care. They cited Bipartisan Policy Center data that assisted living costs an average of $45,000 per year and also shared other long-term care cost estimates.
“They also report the average premium is $2,050 per year for a man aged 55 and jumps to $2,700 for a woman of the same age. What’s more, premiums can rise anywhere from 25 percent to 100 percent, per the BPC,” the senators said in posts on their respective websites. They held Thursday’s forum to discuss long-term care and prescription drug prices, both of which they said were “skyrocketing.”
“These excessive prices have a real effect on Connecticut seniors and families,” the senators said. “According to the Population Reference Bureau, Connecticut has the 14th-oldest population in the country. This distinction makes long-term care a necessity for many as this insurance covers, among other things, the costs of a nursing home, assisted living or in-home care, according to the AARP.”
“In 2020, I am serious about tackling the insulin affordability crisis, lowering the cost of prescription drugs — including with safe, affordable prescription drugs from Canada — and helping people afford long-term care insurance,” said Lesser, who is Senate Chair of the state legislature’s Insurance and Real Estate Committee.