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Medicaid Expenses Likely to Skyrocket over Long-term Care Costs
The market insight discusses the long-term care market in the context of the US Medicare expenditure and national expenditure forecasts from 2011–2017. Aspects discussed in this market insight include types of services offered, top laboratories catering to the long-term care market, top long-term care providers in the US market, ownership and distribution of long-term care facilities, annual costs for availing long-term care services in the United States (by state), and distribution of Medicare spending on long-term care.
Long-term Care Services—Introduction
Long-term care services are for adults and older people who have very limited self-care capacity because of chronic illness, physical injury, or cognitive or mental disability.
Long-term care encompasses services for daily living activities including dressing, bathing, toileting, and medication management to assist people by ensuring optimal quality of life and improving their health with special equipment or devices.
Elder care is possible in several settings; it could be in a home setting among family and friends, within a community or residential setting, or in a nursing institution. Expenditure on long-term care services varies depending on type. Frost & Sullivan estimates that the national expenditure for long-term care services was about $ billion was spent on long-term care in 2013.
There is growing concern about the cost of long-term care services. This is one of the major challenges the federal government is trying to tackle. Medicaid finances a major portion of long-term care payments, and the rest is through Medicare or out of pocket.
Well-known long-term care insurance companies include New York Life, Gensworth, MassMutual, North Western Mutual, John Hancock, and Mutual of Omaha
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