Courtney Sherman |
SCHOOL: Alcorn State University
MAJOR: Business Administration/Finance MENTOR: Dr. Larry Cox EXPECTED GRADUATION DATE: May 2001
|
ABSTRACT
The Unheeded Solution:
Long Term Care Insurance and the Post-HIPAA Effects
| As the number of Americans aged 60 and older double in number within the next 50 years, the need for long-term care services to assist many of these individuals in carrying out even their ordinary, basic daily activities will become more vital. In order to combat the costs of these services, long-term care insurance is present and available. More than ever this product is needed, especially considering the limitations that come with the more popular federal funding programs--Medicaid and Medicare. Despite the need for long-term care insurance, sales growth appears to be inadequate. In response to the insufficient growth rate, a few methods have been introduced in an attempt to promote this product over the past few years. One emphasis has been on promoting the product in the organizational setting. An important aid to such promotion came from the federal level with the enactment of the Health Insurance Portability and Accountability Act (HIPAA) of 1996 that provided benefits for both the employee and the employer. In this report, long-term care insurance is examined in detail. In particular, growth patterns and the impact of HIPAA are analyzed using currently available data for the insurance industry. |