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:2/12/2016)... ... February 12, 2016 , ... Donor Network West, the organ ... Nevada, announced a partnership with San Ramon Regional Medical Center. Under the collaboration, the ... as a way to accommodate a more certain time frame for donor families for ...
(Date:2/12/2016)... ... February 12, 2016 , ... Mediaplanet today ... , The print component of “Revolutionizing Cancer Care” is distributed within the February ... and Seattle, with a circulation of approximately 250,000 copies and an estimated readership ...
(Date:2/12/2016)... ... ... US Sport Camps is pleased to announce the addition of junior golf ... the host site and directing the camps is PGA Professional and 2008 Iowa State ... recent years around Des Moines and are fortunate to have such a well-respected instructor ...
(Date:2/12/2016)... ... 2016 , ... The aging population and longer life spans ... With that, says Patrick Loughney, president of Longtree & Associates, LLC ... care environments. His company, which offers prep courses and workshops in long term ...
(Date:2/12/2016)... ... February 12, 2016 , ... With the exception of restorative dentistry, to date there has ... With the recent approval by the FDA, there is a now a new protocol in ... SDF is very simple and quick to apply. The application is as simple as ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... , Ungarn, February 12, 2016 ... das sich auf den ungedeckten medizinischen Bedarf ... positive Ergebnisse seines klinischen Forschungsprogramms bekannt. Das ... beschäftigt, ergab Verbesserungen ihrer respiratorischen Funktionen und ... ltd , ein Medizintechnikunternehmen, das sich auf ...
(Date:2/11/2016)... IRVINE, Calif., Feb. 11, 2016 PRO-DEX, INC. (NasdaqCM: ... quarter ended December 31, 2015. The Company also filed its ... fiscal year 2016 with the Securities and Exchange Commission today. ... December 31, 2015 --> --> ... 2015 increased $2.6 million, or 95%, to $5.4 million from ...
(Date:2/11/2016)... Feb. 11, 2016   Health 2.0 , the ... health technologies, announced today " 10 Year Global Retrospective ... tech over the past ten years.   ... decade, Health 2.0 has served as the preeminent thought-leader ... with thousands of technologies, companies, innovators, and patient-activists through ...
Breaking Medicine Technology: