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Related Experiment Videos

Financing long-term care. An insurance-based approach.

L G Pawlson1, R J Lavizzo Mourey

  • 1Department of Health Care Sciences, George Washington University Medical Center, Washington, DC 20037.

Journal of the American Geriatrics Society
|June 1, 1990
PubMed
Summary

A public-private insurance model offers the best solution for long-term care financing. This approach combines expanded Medicare benefits with a new public program and private insurance for comprehensive coverage.

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Area of Science:

  • Health Policy
  • Economics
  • Social Gerontology

Background:

  • The financing of long-term care (LTC) presents a significant challenge for individuals and society.
  • Existing public programs like Medicare and Medicaid have limitations in addressing comprehensive LTC needs.
  • The repeal of the Medicare Catastrophic Coverage Law necessitates new approaches to LTC financing.

Purpose of the Study:

  • To propose a detailed model for a joint public-private insurance program for long-term care financing.
  • To outline the roles of public programs (Medicare, Medicaid) and private insurance within the proposed model.
  • To ensure financial security and access to necessary services for individuals requiring long-term care.

Main Methods:

  • Describing a phased approach to LTC financing.

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  • Integrating expanded Medicare benefits for short-term care.
  • Designing a non-means-tested public program with federal-state cooperation for extended needs.
  • Incorporating private insurance for funding elimination periods and copayments.
  • Defining a limited role for Medicaid for low-income individuals.

    • Main Results:

    • A comprehensive financing strategy is proposed, addressing both short-term and extended long-term care needs.
    • The model suggests a layered approach utilizing public and private insurance mechanisms.
    • It aims to protect individuals' income and assets while ensuring access to care.

    Conclusions:

    • A joint public-private insurance program is identified as the optimal strategy for resolving long-term care financing issues.
    • The proposed model offers a sustainable framework for covering diverse long-term care needs.
    • This approach balances public responsibility with individual financial planning for long-term care.