Report to the Secretary on Private Financing of Long-Term Care for the Elderly

The purposes of this report is to: describe the characteristics of elderly people who need long-term care and how these characteristics will change over time; assess the potential of private financing mechanisms to lessen the catastrophic impact of nursing home and home care expenses which can wipe out individual and family savings; develop actions that would increase the availability and use of private financing mechanisms for the long-term care of older persons. This report addresses only one critical part of the problem of long-term care, albeit a highly neglected part. The focus on private financing strategies is not to deny the very real needs of persons who must rely on public programs to provide their long-term care because they cannot afford private alternatives. Such persons are and will continue to be the legitimate concern of government. [243 PDF pages]