Financing Long-Term Services and Supports for Individuals with Disabilities and Older Adults Workshop Summary (2014) / Chapter Skim
Currently Skimming:
3 The Role of Individuals and Families
3 The Role of Individuals and Families
Pages 19-26
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 19... ...
Richard Johnson, senior fellow and director of the program on retirement policy in the Income and Benefits Policy Center of the Urban Institute, looked at the prospects for financing from personal savings. Gail Hunt, president and chief operating officer of the National Alliance for Caregiving, considered family members and others who provide unpaid long-term services and supports.
|
From page 20... ...
These individuals also are likely to have had lower cumulative earnings during their lifetimes than people who do not 11 18 36 > 400% 25 200 – 400% 31 125 –199% 28 100 –124% 36 <100% 24 12 11 17 24 5 17 6 No Disabilities Any ADL /IADL 3+ ADLs FIGURE 3-1 Household income of the noninstitutionalized older population relative to the poverty level by disability status, 2001. NOTE: Data are for average, 45th to 55th percentile (similar to median)
|
From page 21... ...
Although some households in the top quintile of earnings eventually receive nursing home care paid for by Medicaid, more than 60 percent of those who receive such care are in the bottom two quintiles of lifetime household earnings (Johnson and Mermin, 2008)
|
From page 22... ...
Taking everything into account, Johnson said, members of the baby boom generation will receive somewhat higher retirement incomes than their predecessors and their successors. The results of these modeling efforts depend on critical assumptions regarding such issues as wage growth, further increases in longevity, and the returns on savings.
|
From page 23... ...
In addition, various studies have found that fairly small amounts of money are transferred, which are not enough to change the cost curve for long-term care. FAMILY CAREGIVING Gail Hunt National Alliance for Caregiving The National Alliance for Caregiving, which is a nonprofit coalition of more than 40 national organizations focused on family caregiving issues, has done a series of studies on caregiving in the United States, the most recent of which showed that about 66 million people provide family care; these 66 million people represent 29 percent of the U.S.
|
From page 24... ...
Items being purchased included medical expenses, food, meals, household goods, travel costs, additional services that were needed, and nursing homes or assisted living. Strategies for managing these expenses included cutting back on vacations, reducing leisure activities, and deferring major purchases.
|
From page 25... ...
Germany's long-term care program provides support for caregivers, while Japan has a public long-term care program that offers support to adult caregivers, almost all of whom are daughters. The Limits to Family Care During the discussion period, one workshop participant cautioned against labeling long-term services and supports a "social responsibility" because that term tends to be interpreted as "family responsibility." Families are interested in taking care of their members, he said, but they may not be able to serve as safety nets in the future.
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.