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In 1995, spending for long
term care for the elderly totaled $91 billion.
(General Accounting Office- Testimony
Before the Special Committee on Aging, U.S. Senate, March 9,
1998)
Medicaid and Medicare expenditures for long term care for
the elderly exceeded $51 billion in 1997.
(General Accounting Office- Testimony
Before the Special Committee on Aging, U.S. Senate, March 9,
1998)
The elderly and their families represent the largest single
group of purchasers of long term care, spending almost $36 billion
out of pocket, or nearly 40 percent of the total $91 billion
expenditures for long-term care.
(General Accounting Office- Testimony
Before the Special Committee on Aging, U.S. Senate, March 9,
1998)
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The cost of long term care in
a nursing home for an individual can range anywhere from $35,000
to $80,000. Currently, the national average is $41,000 per year.
A substantial share of nursing homes residents finance their
long term care by paying out of pocket.
(General Accounting Office- Testimony
Before the Special Committee on Aging, U.S. Senate, March 9,
1998)
Over 70 percent of single individuals and 50 percent of couples
with one partner in a nursing home are impoverished within a
year.
(Business and Health, January
1997)
Since 1989, Medicaid has become the largest funder of long
term home care, financing $14.3 billion in care.
(General Accounting Office- Testimony
Before the Special Committee on Aging, U.S. Senate, March 9,
1998)
By 2030, the number of seniors residing
in nursing homes will increase five-fold and cost $125 billion.
(The Maturing Marketplace,
January 1, 1998) |
