MNPLS Star Trib: 'Age Wave' Could Swamp the Economy"

Business ignores this problem at its peril. Already it's costing billions and unless long-term care needs are addressed, the price tag will soar exponentially.
By KATHRYN ROBERTS December 2, 2007

"...Absent innovation, the human and financial costs of a much larger, longer-living senior society will weaken other investments designed to enhance Minnesota's competitiveness and make this state livable for a lifetime..."

Unfortunately, most people don't have guides for the long-term care maze that now has record numbers of folks lining up outside it. Nearly 45 million Americans care for an older or disabled family member. In fact, they give an average of 21 hours each week. And they're mostly women working outside the home, many of whom also care for children.

"... people drawn to exhaustive juggling between their paid job and pro bono caregiving often are superstars -- highly productive, talented, team players who are usually the most expensive to replace. That stretching takes a toll. Caregivers burning life at both ends have increased risk for depression, heart disease, arthritis, diabetes and cancer, and have a significantly higher mortality rate than non-caregivers. The juggling costs businesses more than $33 billion annually, according to MetLife's "Caregiving Cost Study: Productivity Losses to U.S. Businesses,'' and that figure is growing.

Health care is a top business issue. Yet, largely absent from business' discussion of health care reform is one of government's largest, fastest-growing cost-drivers: long-term care of people with chronic illness or disability.

Just over $158 billion is paid for long-term care nationally, with Medicaid paying almost half. Most of the dollars go to nursing-home care. Long-term care consumes about a half billion dollars of Minnesota's budget and could cost $20 billion by 2050 if we don't change how we pay for and deliver it.

Is there any wonder the Department of Human Services (DHS) compares the age wave to Hurricane Katrina?

© 2007 Star Tribune. All rights reserved.

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