Craig calls for Congress to pass bill on LTC insurance

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Sen. Larry Craig called for passage of legislation he introduced with Sen. Evan Bayh (D-IN) and Sen. George Allen (R-VA) -- the Long-Term Care Partnership Program Act of 2004 -- at a hearing on long-term care held by the U.S. Senate Special Committee on Aging Tuesday. Craig chairs the committee.

Craig said four out of 10 people who reach the age of 65 will eventually need long-term care, costing nearly $66,000 annually on average. He also said his bill will aid individuals in avoiding bankruptcy, and simultaneously boost state governments that struggle in containing high costs associated with long-term care.

The government, either state or federal, now currently pays for more than 60% of long-term care costs. Long-term care costs are expected to double by the year 2025 and nearly quadruple by 2050. 

The bi-partisan legislation Craig introduced builds on partnership programs currently operating in four states – California, Connecticut, Indiana, and New York.