Good afternoon, ProviderNation.
Mandating long term care insurance could save Medicaid more than $49 billion over 15 years, the fine folks at Avalere Health have found. Requiring workers to buy long term care insurance would cut Medicaid’s rolls by nearly 36,000 people, Avalere claims in its new study, which was released Wednesday.
A purely voluntary long term care insurance program would save a mere $5.6 billion and would probably be more expensive for individuals, Avalere claims in its study.
Among the other thoughts on display at Wednesday’s roundtable:
- Four in five American workers (134 million) don’t have access to long term care insurance through work, according to Forbes Consulting’s Jeremy Pincus.
- Policymakers ought to focus on making private, long term care insurance “simpler and more transparent,” says Harvard Medical School’s Richard Frank.
- People who spend down to Medicaid are much poorer than is commonly assumed, RTI’s Joshua Wiener says. That may mean that private insurance isn’t quite the answer that it’s assumed to be, Wiener says.