Navigation Links
Almost 30% of Long-Term Care is Financed Out-of-Pocket, Report Finds
Date:3/5/2009

WASHINGTON, March 5 /PRNewswire/ -- A new analysis by Avalere Health found that nearly 30% of long-term care costs are paid out-of-pocket -- a full 10% higher than amounts reported in widely used previous estimates. These previous analyses do not include spending on assisted living, a key component of long-term care.

This analysis, which was funded by the California-based SCAN Foundation, found that individuals and their families contributed an estimated $64 billion of their own funds out-of-pocket towards long-term care services in 2006. In addition, families and communities played a central role in the nation's long-term care system by providing unpaid care valued at $350 billion. Private health and long-term care insurance played a much smaller role, contributing a little over $16 billion.

To finance these contributions, most seniors and their families rely on home equity, income from adult children, or retirement savings. All of these asset classes have lost considerable value over the past year, resulting in diminishing funding capacity in the face of a rapidly growing long-term care population. Avalere noted that the long-term care need among individuals 85 and older is nearly four times as high (36 percent) as the need in the age 65 to 84 population (10 percent). The proportion of those over age 85 is expected to be nearly one-fifth of the elderly population by 2050.

"As we enter serious health reform discussions, we must recognize the extent to which the system is held together by private financing and family contributions," said Anne Tumlinson, lead researcher of the analysis. "Reform efforts will need to take a comprehensive look at how care is currently financed and incorporate creative ways to support the growing needs of senior care."

"Long-Term Care --- an Essential Element of Healthcare Reform," was authored by Anne Tumlinson and Christine Aguiar, both of Avalere Health. The SCAN Foundation provided funding for the research. Avalere maintained editorial control and the conclusions expressed in its research are solely those of the authors.


'/>"/>
SOURCE Avalere Health
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Almost Family Reports Fourth Quarter and Full Year 2008 Results
2. Almost Family to be Added to the S&P SmallCap 600 Index
3. Seven Washington Organizations Receive Almost $126,000 Through March of Dimes Awards and Grants
4. Almost Family to Present at 27th Annual J.P. Morgan Healthcare Conference
5. AHP Recession Survey of Nonprofit Health Care Officials Finds Almost Half Expect Reduced Giving in 2009, Leading to Cuts in Hospital Construction and Equipment Purchases
6. Almost Half of Kids Still Exposed to Secondhand Smoke
7. Indias Breast Cancer Drug Market Will Almost Double by 2012
8. Consumers and Employers Paying Almost $90 Billion Due to Under-Payments to Hospitals and Physicians by Medicare and Medicaid
9. Almost Two-Thirds of Americans Meet Exercise Guidelines
10. Almost Family Announces Acquisition of Kentucky Home Health Certificate of Need
11. Traces of Corn Found in Almost All Fast Food
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2017)... ... May 26, 2017 , ... Somnoware, ... NOX-T3 portable sleep monitor with its Somnoware Sleep Device Interface (SDI). Somnoware SDI ... diagnostic device operations. With this platform, initializing devices and importing studies are just ...
(Date:5/26/2017)... ... May 26, 2017 , ... After raising nearly $30,000 on Kickstarter ... to be available at a discounted crowdfunding price on Indiegogo . , “Along ... I also wanted to bring a fidget toy to the market that was made ...
(Date:5/26/2017)... ... ... “When the Stars Lead Home”: a poignant story of loss, determination, and perseverance. ... an avid reader who lives in the Pacific Northwest with her husband, daughter, two ... Camp. She couldn’t be more grateful. , Twelve-year old Tizzy could not believe how ...
(Date:5/26/2017)... ... May 26, 2017 , ... Water damage to the flooring of several ... had left education officials with a number of critical issues to address before students ... to be accomplished with little or no disruption to class schedules. Second, the project ...
(Date:5/24/2017)... California (PRWEB) , ... May 24, 2017 , ... ... through innovative medical image management and interpretation, has received U.S. Food and Drug ... , Nucleus.io is a web-based, scalable and secure cloud platform for medical image ...
Breaking Medicine News(10 mins):
(Date:5/9/2017)... , May 9, 2017 Zimmer Biomet ... in musculoskeletal healthcare, today announced it has earned a ... of 2017" list. The Company was ranked among 500 ... Large Employers and Healthcare Equipment and Services. ... based on an anonymous, independent survey of over 30,000 ...
(Date:5/8/2017)... 8, 2017 MACRA replaces the outdated ... for service reimbursement. Black Book Research crowdsource-surveyed 8,845 physician ... 1.       The Market for MIPS Compliance Technology is Booming ... practices with 3 or more clinicians seek to buy ... "Given the magnitude of the changes, the hunt is ...
(Date:5/6/2017)... 5, 2017  Hill-Rom Holdings, Inc. (NYSE: HRC), has ... square feet to its Welch Allyn campus. ... to bring more than 100 new jobs to ... has maintained a significant presence for more than 100 ... positions, a large portion of which will be R&D ...
Breaking Medicine Technology: