Collaborative aims to change long-term care financing with 5 proposals

Listen

A group of policy experts and political stakeholders have formed the Long-Term Care Financing Collaborative to propose reforms to improve the financing and delivery of long-term care.

The group released a report Monday with a package of reforms aimed at improving the affordability of long-term care for the more than 12 million Americans, both elderly and young, who need personal assistance on a regular basis.

"It doesn't matter whether your politics are right, left or center, paying for long-term care for our loved ones is a difficult challenge that nearly  all Americanfamilies are facing or will face in the coming years. This shared challenge, a desire to find real solutions and a willingness to engage in constructivedialogue is the common ground on which Collaborative members stand," Jennie Chin, immediate past CEO of the American Geriatrics Society, said in a press release.

The report includes the following proposals:

  1. Clear private and public roles in financing long-term care
  2. Create a universal, catastrophic insurance program for long-term care
  3. All for patients to have more choice in services and settings under Medicaid Long-Term Services and Supports
  4. Encourage private payers to launch initiatives to lower costs and increase enrollment in long-term care
  5. Improve educational resources for long-term care costs and needs to boost retirement savings  

Read the full report here.

 

More articles on finance:

Reimbursement for the use of stroke drug has not kept pace with cost: 3 things to know
Need to find a medical code and price estimate? One source consumers are looking at

16 thoughts on personal finance: Save early and often; cut expenses; invest to your risk tolerance and more

Copyright © 2021 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars