Increase in Medicaid costs for long-term care expected
Patient Financial Services Weekly Advisor, October 3, 2008
Federal spending on long-term healthcare under the Medicaid program is expected to swell in the next two decades, according to a report released September 29.
To meet the needs of the growing elderly population, U.S. spending for long-term care, which includes at-home care and nursing homes, will reach $3.7 trillion in the next two decades, according to the report by America's Health Insurance Plans, Reuters reports.
“Medicaid's position as the payer of last resort for long-term care–despite the presence of long-term care insurance available in the marketplace today–will continue to create budgetary difficulties for states and the federal government over the next two decades,” the report stated.
To read the full Reuters report, click here.
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