Argentum, Alexandria, Virginia, released a report, Caring for our Aging Nation: Policy Solutions to Increase Access to Assisted Living, in conjunction with the Senior Living Executive Conference, held in May.

“Assisted living offers lower costs, improved quality of life, better health outcomes, and reduced health care costs. And while it does so at much lower costs than other care models, such care can be expensive,” said James Balda, Argentum president and chief executive officer. “Argentum supports a range of public policy solutions to increase access and affordability of assisted living for more Americans. We encourage policymakers to act quickly to prevent a potential crisis in future years.”

Highlights of the report include:

-  70% of Americans over the age of 65 will require some form of long-term care in their lifetime; 50% will need extensive care; and 20 % will need care for five years or more.

-  Many Americans are not financially prepared for their long-term care needs; up to 80%—47 million—would be unable to afford four years in an assisted living community or more than two years of skilled nursing care.

-  The national median cost of a private room in a nursing home is $108,405, while the cost of a semi-private room, on average, is $94,900. The average cost of a home health aide is $61,776 (based on 44 hours a week) but can reach as much as $235,000 for round-the-clock coverage. By contrast, the national average for assisted living is $54,000.

-  Americans want policymakers at all levels of government to do more to help meet the nation’s growing long-term care needs, and support a number of public and private solutions. Roughly 75% favor long-term care coverage through Medicare Advantage or supplemental insurance; 60 % support a government-administered long-term care insurance program similar to Medicare; and 61 % support tax incentives to help purchase long-term care insurance.

- Legislative and regulatory approaches to improve the accessibility of assisted living could include strengthening the long-term care insurance market so more Americans can afford coverage; resolving the workforce shortage to increase the availability of caregivers and to reduce labor costs; amending the tax code to encourage saving for long-term care; and increasing reimbursement to allow more people to benefit from assisted living.

To learn more and download the full report, click here