Aging baby boomers raise the risk of a long-term-care crisis that the US isn’t remotely ready for (via axios)
simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.Not only will the need for care weigh on Medicare's funds, but it will burden families and elders as well. Middle-class seniors won't be able to cover the costs.Taking care of the aging population is a crisis in the making, and no one — not families, not government programs, and not the healthcare workforce — is prepared for it.
Even middle-class seniors are largely unable to cover those costs, according to a study published earlier this year, which Grabowski co-wrote.Medicare doesn't cover most long-term care services. The market for private long-term care insurance is tiny and fraught with failure. In many cases, seniors must do all three: They begin paying out of pocket, then quickly spend everything they have, making them Medicaid-eligible, but still rely on family members for at least some additional help.the biggest line item in most states' budgets — so as the need for long-term care grows, it will cost seniors, families, states and the federal government all at the same time.
Medicaid is still structurally tilted toward nursing homes, and when it does pay for home care, it doesn't pay home care workers very well.to yet another problem — high turnover among nurses and caregivers, which isn't great for patients.
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