Over the past few years, insurers, consumers and regulators have asked the question: who, and how, will consumers receive and pay for long-term care? The older, retired population will soon substantially outnumber the working population and the number of private insurers providing long-term care continues to dwindle. A report from the American Council of Life Insurers projects 70% of Americans turning age 65 or older will require long-term care. By 2060, the number of Americans turning age 65 or older will double and those turning age 85 or older will triple. As the population continues to age, the average cost of care continues to rise. Thus, the government faces a looming risk of unbearable expenses as more individuals rely on Medicaid for elder care. In light of this statistical reality, governments, insurers and long-term care (LTC) providers are trying to find cost-efficient ways to offer long-term care to consumers in need and, in turn, increase access to care.
Author: Louise Chakejian
Louise Chakejian is a law clerk in the Insurance Practice at Faegre Drinker. She is a 3L student at Drexel University’s Kline School of Law. Louise is an Executive Editor of Articles for the Drexel Law Review and has served as a Dean’s Scholar for two professors. Louise graduated from Georgetown University in 2016, where she was a two-year Captain of the Varsity Field Hockey team.