Americans Spend Record Amount Out-of-Pocket for Nursing Home Care Reports Long-Term Care Insurance Association
Los Angeles, CA, December 24, 2020 --(PR.com)-- Americans spent a record $45.6 Billion out of pocket for nursing home care an increase over prior years reports the American Association for Long-Term Care Insurance (AALTCI).
"While Medicare and Medicaid continue to pay the majority of nursing home costs, individuals and families are shelling out more than ever," explains Jesse Slome, director of the long-term care insurance organization. "The amount of out-of-pocket costs reached $45.6 Billion in 2019, and increase of $5.6 Billion compared to outlays in 2015."
The Association director was sharing the latest information for nursing care facilities and continuing care retirement communities. "Nursing home out-of-pocket expenditures grew by 4.0 percent in 2019 compared to the prior year," he adds.
"In 2000, some $26.9 Billion was paid out-of-pocket and in 2010 the amount reported was $37.1 Billion," Slome shared. "While people today are opting for care at home, nursing homes still are still utilized when long-term care services are required."
AALTCI added a compilation of relevant information regarding long-term care need to the organization's website. "Consumers want a resource with current data where they can access the information they need to make prudent financial decisions," Slome explains. The new webpage can be accessed at www.aaltci.org/ltcneed.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Request long-term care insurance quotes call the organization at 818-597-3227 or visit their website at www.aaltci.org.
"While Medicare and Medicaid continue to pay the majority of nursing home costs, individuals and families are shelling out more than ever," explains Jesse Slome, director of the long-term care insurance organization. "The amount of out-of-pocket costs reached $45.6 Billion in 2019, and increase of $5.6 Billion compared to outlays in 2015."
The Association director was sharing the latest information for nursing care facilities and continuing care retirement communities. "Nursing home out-of-pocket expenditures grew by 4.0 percent in 2019 compared to the prior year," he adds.
"In 2000, some $26.9 Billion was paid out-of-pocket and in 2010 the amount reported was $37.1 Billion," Slome shared. "While people today are opting for care at home, nursing homes still are still utilized when long-term care services are required."
AALTCI added a compilation of relevant information regarding long-term care need to the organization's website. "Consumers want a resource with current data where they can access the information they need to make prudent financial decisions," Slome explains. The new webpage can be accessed at www.aaltci.org/ltcneed.
The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Request long-term care insurance quotes call the organization at 818-597-3227 or visit their website at www.aaltci.org.
Contact
American Association for Long-Term Care Insurance
Jesse Slome
818-597-3205
www.aaltci.org
Jesse Slome
818-597-3205
www.aaltci.org
Contact
Categories