LTC Bullet:  LTC:  What's Wrong, Who's to Blame, How to Fix

 

Thursday  December 7, 2000

 

Seattle—

Dear LTC Bullets Subscriber:

What follows after this message is a press release announcing publication of the Center for Long-Term Care Financing's Year 2000 major project report.  (You may also view, print and pass along a formatted version of the press release available online at www.centerltc.org/bullets/current/tri_press.htm.)  We hope you find "The LTC Triathlon" to be a helpful source for understanding and resolving the crisis in long-term care service delivery and financing.  We welcome your comments and suggestions on the report and on what steps we should take next to follow up on the report's findings.

The Center respectfully requests the assistance of our readership in the following ways:

MEDIA:  We would greatly appreciate any and all published reviews of The LTC Triathlon. Center President Stephen Moses will be available for interviews regarding the report or other subjects at 425-467-6840 or via email at smoses@centerltc.org.  Reviews that direct readers to the Center for LTC Financing's web site at www.centerltc.org and that invite readers to subscribe directly to our free LTC Bullets online newsletter (by emailing info@centerltc.org) will be
especially beneficial.

PROVIDERS:  We believe that distribution of The LTC Triathlon to the long-term care provider profession is critical.  All home health, assisted living, and nursing home representatives in receipt of this LTC Bullet are urged to forward it and The LTC Triathlon report to your colleagues.  Please encourage them to visit the Center for LTC Financing's web site at www.centerltc.org and to subscribe directly to our free LTC Bullets by emailing info@centerltc.org.

INSURERS and other FINANCIAL ADVISERS:  We urge all LTC insurance agents, brokers and carrier representatives to join with all attorneys, accountants and financial planners in receipt of this LTC Bullet to forward The LTC Triathlon press release and the report itself to all your colleagues.  Please add an invitation to them to visit the Center for LTC Financing's web site at www.centerltc.org and to subscribe directly to our free LTC Bullets by emailing info@centerltc.org.

LTC FINANCIERS: If you're in the business of providing debt or equity capital for the construction or operation of home health, assisted living, or nursing facilities, we want to reach more of your colleagues with The LTC Triathlon report and the Center for LTC Financing's other publications. Please forward this press release and the report to your colleagues and industry contracts.  Encourage them to visit the Center for LTC Financing's web site at www.centerltc.org and to subscribe directly to our free LTC Bullets by emailing info@centerltc.org.

Thank you all for attending to these requests.  Happy reading.

***Press Release***

LTC:  WHAT'S WRONG, WHO'S TO BLAME, HOW TO FIX

For Immediate Release

Thursday, December 7, 2000

Contacts:
Stephen Moses, President (425-467-6840, smoses@centerltc.org)
David Rosenfeld, Exec. Dir. (ph: 425-467-6840, david@centerltc.org)
Amy Marohn, Media Relations (425-467-6840, amy@centerltc.org)
Sarah Allen, Admin. Coor. (425-467-6840, sarah@centerltc.org)

Bellevue, WA—

"America's long-term care service delivery and financing system is a tragic mess.  The symptoms include widespread bankruptcies, collapsed stocks, scant capital, scarce staffing, high costs, low government reimbursement, little private insurance, declining quality, expanding litigation, skyrocketing liability premiums, persistent institutional bias, and a growing generation of overwhelmed family caregivers.  Unfortunately, aging demographics signal that the worst is yet to come.  What's wrong?  Who's responsible?  What should be done?  Those are the questions this study set out to address."

With that statement, Stephen A. Moses, President of The Center for Long-Term Care Financing in Bellevue, Washington released a report today entitled The LTC Triathlon:  Long-Term Care's Race for Survival.  Based on telephone interviews with 119 of the leading private financiers, providers and insurers of long-term care, The LTC Triathlon study is a penetrating analysis and critique of long-term care public policy. According to the report, "We tapped into a gusher of anger and frustration directed primarily at the public programs that finance most long-term care in the United States:  Medicare and Medicaid. . . .  For example: 'Medicaid does not cover costs' and 'There is no question the nursing home sector was killed by Medicare cuts.'  The government demands 'Ritz-Carlton care for Motel 6 rates' and simultaneously enforces an 'unprecedented regulatory Jihad.'" The report also abounds with positive proposals for corrective action by the same private-sector expert respondents.

Moses stated "Our parents—the Greatest Generation—survived the Depression, fought WWII, and made a good life for us baby boomers.  Yet, we gave them a welfare-financed, institution-based long-term care system that is falling apart today.  Their biggest challenge began on Pearl Harbor Day, 1941.  It is fitting, therefore, that we boomers dedicate ourselves on Pearl Harbor Day, 2000 to our greatest challenge—to create a long-term care service delivery and financing system that works, before we need it, so that responsibility never falls upon our children.  This report is a fresh start from a different perspective on that challenge."

Read or download this 66-page report in .pdf format at http://www.centerltc.org/pubs/recent.htm. To purchase a hard copy for $49.95, call 425-467-6840 or email your order to  info@centerltc.org.  Media and legislators may request one free hard copy.  The Center for Long-Term Care Financing's first two white papers—LTC Choice: A Simple, Cost-Free Solution to the Long-Term Care Financing Puzzle and The Myth of Unaffordability: How Most Americans Should, Could and Would Buy Private Long-Term Care Insurance—are also avail-
able to review and/or purchase at www.centerltc.org.

The Center for Long-Term Care Financing is a 501(c)(3) charitable non-profit organization dedicated to ensuring quality long-term care for all Americans.  The Center promotes public policy that targets scarce government resources to the neediest, while encouraging people who are young, healthy, and affluent enough, to take responsibility for themselves. The Center publishes LTC Bullets, a free online newsletter featuring news and views on long-term care financing. Subscribe today at www.centerltc.org.

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*** Forward freely; encourage subscribers! ***

The Center for Long-Term Care Financing is a 501(c)(3) charitable non-profit organization dedicated to ensuring quality long-term care for all Americans.  Ask how you can support the Center today!  Visit our website at http://www.centerltc.org/needhelp.htm or contact Amy Marohn at amy@centerltc.org for details.

This e-mail is the latest installment of "LTC Bullets" - the Center's periodic online news service covering the latest information and trends in long-term care financing.  We welcome responses to the material presented.