The Case for Financing Older America’s Long-Term Care Need

As we age, needing help to take care of ourselves is a risk we all face regardless of gender, ethnicity, income, wealth, and other characteristics. This risk increases over time. Half of Americans who live to age 65 will — at some point — need help with multiple basic life tasks, and a smaller percentage of us will need help spanning many years.

The majority of people with high levels of need live at home and receive care from unpaid family members. When they need services, like personal care or home modifications, they generally pay out of pocket. For very low-income individuals, Medicaid plays an important financing role, particularly for those with long-term care (LTC) needs who have exhausted their savings…

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