Financing Long-Term Care: More Money in the Mix
This paper argues that new financing is required over and above existing sources of revenue to support home care and long-term care now and in future. A robust system of home care and long-term care will necessarily involve improvements to and efficiencies within the existing health care system. But innovations to the acute care side of the equation will resolve only part of the financing challenge for long-term care. The community components of health care need more money if they are to meet current and future demands – in both quality and quantity of service.
The financing options proposed in this paper include public insurance, individual savings accounts and new fiscal arrangements, such as tax-assisted incentives or special loan arrangements. All the proposals require further study in order to determine their cost implications and administrative feasibility. The purpose of putting forward these options is to contribute to the financing conversation, which itself is in desperate need of enrichment.
ISBN – 1-55382-576-4