Challenges of Long-Term Care

Healthcare Finance Policy in the US
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Healthcare Finance Policy in the US
Recently, more than five million individuals in the US have been using home healthcare, while approximately four million reside in residential care communities or nursing homes. By 2030, the country will have more older people around 65 than those younger than 5. As a result, most of these aged populations would need long-term care toward the end of their lives. Despite the increasing importance of long-term care, the US has a long way to go to make it effective and efficient. This paper elaborates on long-term care, the existing methods for paying for long-term care, and the financial and social dissimilarities of the aged in place compared to nursing homes. The paper also analyzes the barriers to warranting healthcare equity for older individuals and policy recommendations to meet the long-term care needs of the elderly effectively.
Long-term care involves several different services projected to meet individuals' health or people care necessities for a long time. Such services are integral in helping people live safely and independently as possible when they can no longer carry out daily activities alone. Moreover, diverse healthcare providers offer long-term care services in different places based on the individual's requirements. In most instances, most long-term care is home-based and delivered by unpaid household groups and associates. Conversely, it can be offered in healthcare facilities, including nursing institutions or community facilities, such as adult care establishments.
Medicaid is a federal health care initiative for financially needy people offering an extended meaning of long-term care. It defines it as the aid for people who are suffering from chronic, ongoing disabilities or illnesses, and due to these issues, care equal to that that is offered in nursing homes is necessary. During the coronavirus period, the expansion of Medicaid accounted for several afresh insured over the life of the American Care Act by around fourteen million (Rand Corporation, n.d). Most states provide personal care help through their Regular State Plan Medicaid program that covers numerous pathways and facilitates more lenient care needs. Long-term care also involves community services, including adult day care, meals, and transport services, which are obtained for a fee or free. Nevertheless, it is puzzling to pinpoint what type or how much long-term care an individual might need. Nevertheless, numerous variables, including age, gender, marital status, and lifestyle, surge the risk of demanding more long-term care.
Some states have introduced their long-term care coverage programs, with more states forecasting to do so in the future. Washington State passed the Long Term Care Trust Act to pay for long-term care (Covert, 2019). People living in Washington must contribute 58 cents per every $100 of their income to this act (Covert, 2019). After contributing for ten years, if they encounter a disastrous disabling occasion, they could tap $100 a day up to $36500 in time of daily needs like bathing or dressing (Covert, 2019). The existing financing scheme for...