Developing public-private long term care insurance partnerships.

Abstract

Recognition of long term care as an insurable risk has provided a framework for reexamining how we finance and deliver nursing home, home health, and community care to our elderly citizens. Insurance options are beginning to be marketed that provide consumers the opportunity to pay for their long term care needs in a more reasonable way than the situation in which individuals have to first self-insure and then rely on Medicaid when their resources are inadequate. The emergency of long term care insurance has stimulated public policy interest in supporting market development. Government payers will benefit if private insurance can reduce the role of Medicaid as a source of payment for middle-income elderly by delaying or avoiding the need to spend-down their resources. States, in particular, have taken the lead in seeking ways to help make the available products appealing and affordable so that the market can be broadened to include those at risk of needing Medicaid assistance.(ABSTRACT TRUNCATED AT 250 WORDS)