Long-Term Care Costs Could Grow to the Trillions

In today’s economic environment, we almost become numb to the mind boggling numbers of billions and trillions of debt that the U.S.in is. As individuals, however, we have seen our retirement savings reduced at a time that retirement or a redirection of ours lives seem so close.
AHIP just released the following:

State Medicaid programs could spend $1.6 trillion on long term care expenses throughout the next 20 years.

According to a report by America's Health Insurance Plans (AHIP), when federal matching funds are included, total government spending on long term care will exceed $3.7 trillion. In fact, AHIP predicts that Medicaid long term care spending will grow at a faster rate than overall health care spending, faster than Medicare and faster than the national gross domestic product.

If existing trends go on, annual Medicaid long term care expenditures could grow by 124 percent between 2008 and 2027, to $116 billion, from about $51 billion, AHIP says.

Finally, AHIP President Karen Ignani says the report shows the nation needs to improve its preparation for long term care costs and find better ways to improve recipients' access to home and community-based care. She says, "Many Americans underestimate their risk of needing long term care and many erroneously believe they have long term care coverage."

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