Financing Long-Term Care: New York's Limited Options and Medicaid's Vast Challenge
Paying for long-term care remains a major unresolved challenge in New York State and the nation. This new report, written by Sarah Samis and Michael Birnbaum, examines how long-term care is financed nationally and considers the circumstances experienced by many Americans requiring such care. The report also focuses on federal policy, discussing Medicare’s extremely limited coverage of long-term care and the recent enactment and suspension of the CLASS Act.
Delving deeper, the report discusses options in New York, with an analysis of the state’s private long-term care insurance market, opportunities presented by alternative financial products, and the pivotal role of default payer played by Medicaid—which, in 2010, spent over $13 billion on long-term care for the frail elderly and physically disabled.