More than 12 million Americans currently need long-term care — a number expected to double over the next three decades. Some need help eating or bathing at home, others require around-the-clock care in a facility. The cost: $350 billion annually.
The current system for financing long-term care is a hodge-podge of self-pay, private insurance and government programs that experts and policymakers generally agree is unsustainable.
The number of insurers offering long-term care insurance is declining, and few families can afford it. At the same time, providing publicly-funded care to everyone who qualifies would place an enormous strain on state and federal budgets.
New ways to pay for long-term care are being debated by legislators, researchers, advocates and insurers in California and around the nation. Last month, a group called the Long-Term Care Financing Collaborative issued a report proposing a universal, catastrophic insurance program and more support for family caregivers.
The California legislature is grappling with the issue, too.
We asked some stakeholders and experts to weigh in on the issue, including: Howard Gleckman, senior fellow at the Urban Institute; Hugh Slayden, a consultant to the California State Senate Committee on Insurance; Joanne Handy, CEO of LeadingAge California, an association of nonprofit aging organizations; and Donald Redfoot, a consultant and former strategic policy advisor for AARP Public Policy Institute.
Condensed versions of their comments are below.
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