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Private financing options for long-term care.

B L Brody, H J Simon, D E Smallwood

The Western Journal of Medicine

|September 1, 1987

Summary

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Private financing for long-term care predominantly relies on out-of-pocket payments, leading to Medicaid dependency for the elderly. Long-term care insurance presents the most viable immediate solution for private financing challenges.

Area of Science:

Gerontology
Health Economics
Public Policy

Background:

Current private financing for long-term care (LTC) primarily involves out-of-pocket expenditures.
Rising LTC costs rapidly lead to impoverishment among the elderly, increasing reliance on Medicaid.
The growing elderly population, particularly in the Sun Belt, exacerbates these financial challenges.

Purpose of the Study:

To evaluate existing private financing mechanisms for long-term care.
To identify the most feasible and immediate solutions for funding long-term care needs.
To address the financial implications of long-term care for the aging population.

Main Methods:

Analysis of historical data spanning the past 50 years regarding private LTC financing.

Related Experiment Videos

Review of current literature and market availability of various LTC financing options.

Assessment of the limitations and potential of individual retirement accounts, home equity conversions, social-health maintenance organizations, and LTC insurance.

Main Results:

Long-term-care individual retirement accounts (LTC/IRAs) show limited effectiveness despite initial appeal.
Home equity conversions have restricted applicability due to unresolved issues and limited experience.
Social-health maintenance organizations are still in experimental phases and not commercially available.
Long-term-care insurance, though currently a thin market, primarily covers nursing home care.

Conclusions:

New strategies within long-term-care insurance offer the most promising avenue for immediate implementation.
Addressing the financial burden of long-term care requires innovative private financing solutions.
Policy and market development are crucial for improving access to sustainable long-term care funding.