Excerpt from: The Bulletin (click for full article)
A recent report from the SCAN Foundation found 70 percent of Americans who reach age 65 will need three years worth of long-term care services before they die. The report also called for the creation of an affordable and sustainable long-term care financing system to pay for it.
The report found direct long-term care spending totalled more than $211 billion in 2011, 62 percent of which was paid for by Medicaid and 22 percent of which was an out-of-pocket expense absorbed by individuals and their families.
The report’s authors warned that unless a prefunded long-term care financing mechanism was created, the Medicaid system could collapse under these increasing costs.
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