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:5/4/2016)... ... 2016 , ... Trinity Health today launched its inaugural Innovation ... at improving care and reducing readmission rates for patients who are dually eligible ... is to drive innovation that transforms our ministry and our industry to be ...
(Date:5/4/2016)... SCOTTSDALE, AZ (PRWEB) , ... May 04, 2016 ... ... 2016 Annual Technology & Business Conference. The conference opened on Tuesday with Frank ... panel discussion on NCPDP’s PDMP Solution provided a deep dive on NCPDP’s model ...
(Date:5/4/2016)... ... 04, 2016 , ... Level 10 Head Over Heels Athletic Arts’ gymnast Alessandra ... of Arizona for the fall of 2019. , After a handful of college ... the GymCats came from her connection with the coaching staff and the excitement surrounding ...
(Date:5/4/2016)... ... May 04, 2016 , ... IsoComforter, Inc., one of ... the innovative newly improved Iso-Hip Wrap. The newly designed hip wrap has ... comfort and enables the patient to enjoy the benefits of cold therapy while ...
(Date:5/4/2016)... ... May 04, 2016 , ... Nike Rugby Camp's success is ... San Diego. Willis, founder of Elite Rugby Camps and current Nike Camp director, has ... year since 2009. , “I’m excited for our eighth summer here in San ...
Breaking Medicine News(10 mins):
(Date:5/3/2016)... May 3, 2016 BioNovus Innovations LLC ... for Advancing Medical Innovation (IAMI) today announced a ... diagnostics and medical devices. An agreement ... rights to license, develop and commercialize medical innovations ... "This partnership represents a significant advance in ...
(Date:5/3/2016)... , May 3, 2016  Axiogenesis has acquired a major investment from Sino-German High-Tech Fund to further expand ... Photo - http://photos.prnewswire.com/prnh/20160503/362921 ... ... ... ...
(Date:5/3/2016)... , May 3, 2016 ACME ... Jack Whelan and Delaware County Councilman ... HCI) Nasal Spray in all ACME pharmacies ... Centers for Disease Control and Prevention (CDC), naloxone has saved 26,463 ... police officers in Delaware County were authorized ...
Breaking Medicine Technology: