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In 1995, spending for ltc
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)
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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)
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)
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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) |
