A "three-legged stool" for financing long-term care. Is it an acceptable approach?

To overcome the difficulty of seeking new funds for long-term care when public and private resources are severely constrained, a program entitled "Social Security/Long-Term Care" is proposed under which 5% of Social Security cash benefits can be traded (with exemption for low-income people) for a basic level of long-term care protection using social insurance. This program could be supplemented by private long-term care insurance, with Medicaid as a safety net. Financing thus generated may be used for home care, community-based care, and nursing home care. In 1994, 1% of Social Security cash benefits is equal to about $3.2 billion. Funds from Social Security/Long-Term Care could be used to help pay for a benefit package that could include case management.