Market Scan: Future of Long-Term Care amid Current Landscape of Barriers and Opportunities
The Milken Institute’s Center for the Future of Aging and Innovative Finance teams are collaborating on a research project to evaluate the most pressing barriers to effectively meeting the long-term care (LTC) needs of Americans across the country. In partnership with Transamerica Institute, a nonprofit, private foundation, we have engaged key stakeholders and experts to examine the predominant issues surrounding the LTC market, including pricing, data modeling, and market forces and players that will impact the future of LTC.
During this initial phase, the Institute undertook a comprehensive review of innovative funding and care delivery models that have successfully addressed similar challenges or have shown promise during pilot testing. The research maps best practices, including each potential model’s operation and impact. The Institute conducted primary research, engaging industry stakeholders to test the viability of each model and better understand the current barriers to bringing them to scale.
We used the research to identify potential solutions to explore during a forthcoming Financial Innovations Lab that will bring together key stakeholders and decision-makers for a workshop, or series of workshops, to market test solutions and outline possible paths forward for long-term care. The approaches we’ve identified as potential solutions include:
Improvement of accessibility to personal savings and assets
Development of public and private LTC insurance solutions
Expansion of Medicare benefits
Expansion of cost-efficient delivery model and technology solutions
For further information on this work, please email FIL@milkeninstitute.org.