An increase in the number of people requiring health and social care services has led to a growth in long-term care (LTC) expenditure for the past few decades.
- Many countries are initiating reforms to improve the accessibility and affordability of long-term elderly care services.
- Demand for LTC services is on the rise, driven by demographic and social factors such as increased longevity and advances in medical technologies.
- A variety of societal changes are likely to contribute to a decline in the availability of family caregivers, leading to an increased demand for paid care for the elderly.
- Home and community-based care has been gaining prominence worldwide, owing to the dependents’ preference for receiving home care.
- While private LTC insurance could work as an extra financial resource for governments, the probability of this being a less efficient and a costlier alternative, in comparison with the benefits it provides, is a concern.
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