What is the future of long-term care?.
What is the future of long-term care?
With the aging of the Baby Boomers at a rate of 10,000+ turning 65 every day during this decade, the need for LTC increases. it has been identified that the expectations of elder care for this generation are also shifting. 7 in 10 baby boomers think the Affordable Care Act covers long term care. Unfortunately, this just isn’t true.
The Affordable Care Act originally contained a provision called the CLASS Act, which created a national public long term care insurance system. After much debate about the financial solvency of the system, opponents of the provision were able to repeal it. The Obama administration later admitted the program was “unsustainable”.
Once the CLASS Act was scrapped, a Federal Commission on Long Term Care was created to study long term care in the country and come up with a new solution. The commission concluded late last year and submitted a report, which included a grand analysis of the current long term care system and several suggestions to improve quality of care and cut costs. So far, not much else has been done regarding the matter. So, where to from here…?
Discussion Board: What is the future of long-term care?
Part I: Choose an innovative idea that is being explored (or just a personal idea that you can expand upon) for our nation’s elder care dilema and expand on how you see it working, including from the business/healthcare perspective.
Part II: Who should be the primary source of funding for this care? (Gov’t, private, insurance, self-pay, etc. Back it by research ~ because as I see it, there is no money!)