“Why the daunting economics of elder care are about to get much worse”

Why the daunting economics of elder care are about to get much worse,” by Patricia Smith, The Conversation

Quote: “When no relative steps up to serve as an unpaid caregiver when the need arises, families hire paid caregivers or move their loved one into a nursing home, where a private room may cost $100,000 or more per year. Medicare rarely covers nursing home stays, and eligibility for Medicaid coverage is limited, so institutional care like that is generally out of reach for all but the wealthiest Americans or those with long-term care insurance – which also costs a lot. … In the meantime, Medicaid and Medicare can make caregiving more financially rewarding by increasing the rates they pay for elder care, spurring the kind of salary growth for home health aides required to make the profession more attractive. And to ease the financial burden of caregiving all around, Medicaid and Medicare could ramp up benefits for care delivered in the home and in institutions and extend coverage to more people.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):  Typical balderdash: fix the LTC problem by spending more on what caused it in the first place.

Why the daunting economics of elder care are about to get much worse

#economics
#goldencareagent