The Kaiser Foundation has updated its issue module on financing long term care. According to Kaiser, about 9.5 million Americans need long term care, and with the first of the baby boomers ready to retire, the number will increase. By 2030, the number of long term care recipients will double.
Kaiser estimates that over $158 billion was spent on long term care in 2004, and the average yearly cost of nursing home care is $74,000. Medicaid pays for most long term care, but recipients pay out-of-pocket, too.
Long term care reform will be the focus of discussions and debates among lawmakers, policy analysts, and providers for years to come.
Visit Kaiser’s site for resources on long term care financing, including key data, policy research, webcasts and presentations, and key organizations.
