Covering a discussion that is likely taking place in many government offices across the country, Lori Sturdevant’s recent article for the Minnesota Star Tribune highlights what elected officials and other industry leaders are saying about how to pay long-term care costs for the state’s seniors.
According to the piece, a Citizens League analysis indicates that Minnesota’s budget for senior care will probably quintuple over the next 25 years: “from $1.1 billion (about 7 percent of total state spending) to more than $5 billion per year.”
One major factor contributing to this dramatic rise is the equally dramatic spike expected among the 80+ plus population, many of whom will be eligible for public assistance. This puts further strain on both state and federal budgets and is “a major driver of projected federal and state deficits.”
Among those sharing their perspectives in the article were U.S. Senator Dave Durenberger, LaRhae Knatterud, director of aging transformation for the State of Minnesota, and Eric Schubert of Ecumen, a Minnesota senior care provider. The group talked about the need for long-term care insurance policies that provide adequate coverage, public skepticism about the future of Medicare and other social insurance/entitlement programs, and solutions for the impending senior care cost crisis.
Read the ideas shared in our #ElderCareChat forum regarding the crisis here.