Senate Special Committee on Aging Ranking Member Sen. Susan Collins (R-Maine) highlighted cost and accessibility issues facing seniors during a hearing on long-term care policy on Wednesday.
Approximately 12 million citizens currently need long-term care services, and that amount is expected to more than double by 2050, according to the Commission on Long-Term Care.
“Long-term care is the major catastrophic health expense faced by older Americans today, and these costs will only increase as our nation ages,” Collins said. “It is not just that there will soon be a great number of older Americans. It is also that older Americans are living longer…”
More demand for in-home and long-term care will create more affordability challenges in the future, Collins added.
While there are currently seven potential caregivers for people older than 80, there will be four caregivers per person by 2030 and less than three per person by 2050, according to current trends.
“It is therefore clear that we will have to do more to support family caregivers and to recruit and retain a robust and competent long-term care workforce.” Collins said.
Many individuals believe Medicare or private insurance cover the cost of long-term care and are not prepared to pay the expense out of pocket in the event of a chronic illness or cognitive impairment, Collins noted.
Witnesses who testified at the hearing agreed that public and private financing options must continue to play a role going forward, but not enough long-term care insurance policies are purchased to make the system effective.