Long-Term Care: A Case Study

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As of 2014 it is estimated that nearly 12 million Americans are in demand for long-term care services. By 2050, the number of 12 million Americans is projected to increase to 27 million (BPC. 2014). If Americans do not put a stop to the financial crisis soon the number will continue to grow due to a growing population and better health care. On the other hand, 70% of Americans who reach the age of 65 will require some type of long-term care services (BPC. 2014). If this number continues to grow, America will not be able to handle the financial burden of long-term care. Overall, the high demand for long-term care will continue to overtake the rate of growth in the U.S. economy over the next decade. Furthermore, to put a stop to this financial crisis we have to realize where most of the money is being spent and who is actually paying for long-term care.…show more content…
Census Bureau estimated that $217 billion would be spent in 2015 on long-term care which includes both nursing home facilities and at home care for elders. Presently, older adults and their families pay about 25% of these costs out-of-pocket. The larger protein of long-term care costs is placed on Medicaid. Medicaid and Medicare pay roughly two-thirds of the cost of long-term care (Pickett, M. 2013). If families are only paying 25% of the costs for long-term care that leaves a huge financial burden on the other parties that pay for long-term care. Due to American lifestyle choices, Americans are not educated on how much it takes to be prepared to services they may need in the future. If they are not educated that leads to a limited personal finances for long-term care many Americans

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