So, it would be a bit unfair to compare $VaR_\alpha$ estimated in 80s with what is going on right now. $VaR_\alpha$ assumes that the distribution of returns is normal. Not most beautiful assumption but the most straightforward to compute $VaR_\alpha$.
How often is it covered? Long-term care is a range of services and support for your personal care needs. Most long-term care isn't medical care, but rather help with basic personal tasks of everyday life, sometimes called activities of daily living. Medicare doesnât cover long-term care (also called custodial care), if that's the only care you need. Most nursing home care is custodial care.
Acute vs. Long-Term Care. Acute care and long-term care represent two ends of the spectrum in the continuum of care. Acute care is medical care designed to treat and/or cure an acute condition, for example, a heart attack or stroke. Treatment is usually provided by a doctor in a hospital. Long-term care, on the other hand, includes skilled, therapeutic and personal care services and supports that may be needed by a person whose physical and/or mental condition limits their ability to function independently.