Hi Shagufta and thank you, as always for a very insightful post.
The challenges you mentioned include the physical and financial strain on caretakers, as they may have to stay home to care for the individual, and also the financial compromise for those who pay caretakers to care for their loved ones. In terms of policy solutions for such issues, many other countries have weighed in with their plans for caring for the elderly with long term car insurance provided by the government. Looking to China, one of the most populated placed in the world, there is an article dealing with this topic. Chen and XU (2020), conducted a review of the evolution of the public long term care insurance in different countries and examined the influence and challenge of this implementation. With the population exploding wordwide, the elderly population has increased exponentially. China is feeling the daunting occurrence of and increase in disabled elderly. Looking at Germany and other countries, it is reported that the crisis is alleviated by promoting public Long Term Care Insurance (Chen & Xu, 2020).What this involves is a significant notice by the government to the cost of caring for this population and the substantial burden it places on individuals and families (Chen & Xu, 2020).
Once again, we touch on the topic of Americans having to spend down their savings in order to qualify for long term care insurance provided by the government. I believe, as Americans, we deserve to have affordable and comprehensive solutions to long term care needs without having to spend down our asset for eligibility. This topic has floated around the round table for years, perhaps now, with aging baby boomers, there may be focused attention on a solution.
References
Chen, L., Zhang, L., & Xu, X. (2020). Review of evolution of the public long-term care insurance (LTCI) system in different countries: influence and challenge. BMC Health Services Research, 20(1). https://doi.org/10.1186/s12913-020-05878-z
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