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:6/24/2016)... ... 2016 , ... To succeed under value-based payments, healthcare providers ... how to move forward, given the need to sustain current operations. PYA has ... an organization’s specific needs. , PYA Principal Martie Ross states, “Healthcare providers want ...
(Date:6/24/2016)... Brooklyn, New York (PRWEB) , ... June 24, 2016 , ... ... medical marijuana patients optimize the ingestion of their medication by matching users with high ... allows users to compare pieces with no commitment. , Inhale was founded by two ...
(Date:6/24/2016)... ... ... Dr. Seema Daulat, a native Texan and University of Texas at Austin ... July 13, 2016. , Dr. Daulat earned her Doctorate of Medicine (MD) at The ... the Agape Clinic serving Dallas’ underprivileged community. , Following medical school, Dr. Daulat completed ...
(Date:6/23/2016)... Los Angeles, CA (PRWEB) , ... June 23, 2016 , ... ... being conducted that may expose a possible link between head and neck cancer in ... individuals participating in the study were evaluated based on whether they had gum disease, ...
(Date:6/23/2016)... ... ... The Mechille Wilson Agency, a Texas-based insurance company that provides coverage to hundreds ... a charity drive to assist a student to be chosen from the local area. ... be presented to the chosen student to help with the growing costs of tuition, ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 23, 2016 Bracket , a leading clinical ... generation clinical outcomes platform, Bracket eCOA (SM) 6.0, at ... 26 – 30, 2016 in Philadelphia , ... Outcome Assessment product of its kind to fully integrate with ... Bracket eCOA 6.0 is a flexible platform for electronic clinical ...
(Date:6/23/2016)... and INDIANAPOLIS , June ... receiving a Lilly Diabetes Tomorrow,s Leaders Scholarship is any ... scholarship winners, announced today online at www.diabetesscholars.org ... type 1 diabetes stand in the way of academic ... supported the Foundation,s scholarship program since 2012, and continues ...
(Date:6/23/2016)... 2016 Revolutionary technology includes multi-speaker ... , industry leaders in advanced audiology and hearing aid ... Opn ™, the world,s first internet connected hearing aid ... devices.      (Photo: http://photos.prnewswire.com/prnh/20160622/382240 ) ... of ,world firsts,: , TwinLink™ - the ...
Breaking Medicine Technology: