The cost of caring for retiring Baby Boomers has been a growing concern for the health care industry, which is weighing various options to attack the looming crisis.
Providers have been looking for ways to reduce costs, which include pushing for more in-home care, and increasing use of remote-tracking technology, like wearables.
Another emerging piece to the cost puzzle is long-term insurance, which may be cheaper or more comprehensive than other types of available coverage.
Employer-sponsored coverage exists, but it’s expensive. Medicare, meanwhile, only covers some parts of the necessary care, while some seniors are forced to spend down their assets in order to qualify for Medicaid.
The latter strategy is becoming quite common. Going broke to get coverage means even greater dependency on government assistance — and the problem is becoming more acute as Boomers age, putting new strains on the social safety net.
“If you live a long life today, the chances of needing long term care are greatly increased,” Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI), told Yahoo Finance in an interview.
