On Wednesday, LeadingAge unveiled its vision for the future of long-term services and supports (LTSS) in a new report: A New Vision for Long-Term Services and Supports.
LeadingAge has been at the forefront of LTSS financing reform for more than a decade. The organization strongly believes that America must create a new system of paying for LT
SS so families alone do not shoulder the burden of paying for care their loved ones need.
“We must no longer tolerate a system that bankrupts families and leaves older adults without the services they need to lead productive lives,” said Katie Smith Sloan, president and CEO of LeadingAge.
LTSS, or needing help with everyday activities such as bathing, eating, or dressing affect about 50% of people age 65 and older. LTSS are expensive and not currently covered by Medicare. As a result, individuals must pay out of pocket. Families often resort to depleting savings and other retirement funds to pay for care. When they run out of money they must turn to Medicaid making the health care program the primary payer for LTSS.
“The current trajectory in Texas isn’t sustainable,” said George Linial, president and CEO of LeadingAge Texas. “In order for our state budget to keep up we must slow Medicaid spending while ensuring our most vulnerable have access to the quality care they deserve. The report offers lawmakers a ‘roadmap’ to reform.”
The report outlines 3 essential features of a universal LTSS insurance program:
A universal approach to coverage.
A catastrophic benefit period.
A “managed cash” benefit structure.
LeadingAge believes America needs a fairer and more rational financing system to ensure access to quality long-term services and supports (LTSS) for everyone who needs these services.
Read the full report on our website.