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The presentation examines challenges including adverse selection, fairness, and opt-out choices, and highlights lessons for other states while addressing questions about adequate benefit 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CHALLENGE OF STATE-BASED LONG-TERM CARE INSURANCE  \nAlicia Munell, Boston College, Chestnut Hill, Massachusetts, United States  \nThe cost of Long-Term Care is unaffordable for most people. Paid home care for an individual with significant needs can easily exceed $35,000 per year which is more than the total annual income of about half of older Americans and more than the total net worth for about one-fifth. The state of Washington launched We Care, a publicly funded long-term care insurance policy in  \n2019. The first benefits will be paid in 2026. This presentation will address some of the challenges that the designers of the program faced, for example managing adverse selection, improving fairness and allowing some people to opt-out. The Washington program has some important lessons for other states that are exploring similar policies, but state variation in tax rates and benefit levels raise new questions about what level of benefit is adequate to support people who need long-term care.","cbCaihq6tES980FC","https://ap.wps.com/l/cbCaihq6tES980FC","pdf",462835,"English","# Abstract\n## Long-term care cost affordability\n## Washington’s We Care policy timeline\n## Program design challenges and lessons\n## Benefit level and tax variation questions","[{\"question\":\"Why is long-term care unaffordable for many older Americans?\",\"answer\":\"Paid home care for people with significant needs can exceed $35,000 per year, which is more than the annual income of about half of older Americans and more than the net worth of about one-fifth.\"},{\"question\":\"What is Washington’s state-based long-term care insurance program, and when do benefits start?\",\"answer\":\"Washington launched We Care, a publicly funded long-term care insurance policy in 2019, with the first benefits scheduled to be paid in 2026.\"},{\"question\":\"What design challenges does the presentation focus on?\",\"answer\":\"It addresses challenges faced by program designers, including managing adverse selection, improving fairness, and allowing some people to opt out.\"}]","The Promise and Challenge of State-Based Long-Term Care Insurance | PDF",1790634856]