Partnership Insurance: An Innovation to Meet Long-Term Care Financing Needs in an Era of Federal Minimalism
Long-term care involves a broad array of supportive medical, personal, and social services needed by people unable to meet basic living needs due to illness or disability. Much of it is provided informally by family and friends. When care is purchased, the location typically involves various non-medical settings, including the home as well as community-based facilities. As a result, private insurers were very hesitant to sell coverage for long-term care, and the costs for such care became a significant cause of catastrophic expenses for seniors.