Advantages-10

Advantages of Long Term Care Insurance Page 10

Social/healthh maintenance organizations. Modeled on one of the demonstration sites, the plan covers $7,500 (in 1986 dollars) of long- term care services annually. Policies are purchased if the cost is less than 5 percent of household income. Disabled persons may purchase policies.

Reflecting the organizational development and enrollment barriers, only 50 percent of the elderly who can afford social/healthh maintenance organizations actually buy policies.

Individual medical accounts. Ninety percent of individuals at the individual retirement account maximum contribute up to $1,000 a year to an individual medical account to be used exclusively for long- term care.

Home equity conversions. All individuals and married couples with $25,000 or more in home equity take out a home equity loan at age 75. Repayment of the loan is postponed until after the homeowner’s death, and all appreciation on the home accrues to the mortgage company.

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