Module Eight Short Paper_Reese,Kayla

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1 MODULE EIGHT SHORT PAPER Long-Term Care Facilities and Economic Factors Kayla Reese Southern New Hampshire University IHP-620-Q1492 Economic Principles-Healthcare Professor Hijazi November 12, 2023

2 MODULE EIGHT SHORT PAPER Long-Term Care Facilities and Economic Factors There are many factors that contribute to making long-term care facilities unique in comparison to a hospital. According to the National Institute of Aging (2023), long-term care consists of helping someone perform everyday health and personal needs that they can no longer do on their own. There are different types of long-term care such as home-based care, community, and residential care (National Institute of Aging, 2023). These care services and facilities differ from hospitals in that they provide services for everyday tasks as well. For example, mobilization, bathing, grooming, dressing, and using the restroom. While hospitals do provide some of those services to individuals who need them short- term, such as after surgery or giving birth, they are not equipped to do it long-term. Hospitals are intended to be a temporary placement for a few hours, days, weeks, and sometimes months while someone recovers from an illness or injury; individuals see a physician or nurse practitioner who handles their care during recovery at least once a day, and when they have recovered to the extent that the physician is confident they can treat themselves, they are sent home. Long-term care facilities are, in most cases, permanent residence, for those who cannot care for themselves or need long-term medical care that a hospital is not equipped to handle. Many residents of these facilities remain in them until the end of their life, or if due to surgery or injury, until they are completely healed to be released that could take longer than a year. The Certificate of Need is defined as “a state regulatory tool that controls the number of health care resources in an area” (Rakotoniaina & Butler, 2020). This law requires that healthcare systems and hospitals show that there is a community need for an expansion of a facility or

3 MODULE EIGHT SHORT PAPER service before it can and will be established (Rakotoniaina & Butler, 2020). The Certificate of Need for long-term care facilities in economics could cause price inflation with supply and demand. When there is not a high demand for long-term care, facilities are forced to charge more for the current filled beds to fill the supply of the facility and continue care for those who are already there. In comparison to hospitals who benefit because their supply and demand are different, reducing the hospital costs overall when there is a high demand. In the next 25 years, long-term care facilities may be more in demand, reducing costs and the current price inflation. The Congressional Budget Office (2013) projected that by 2050, twenty percent of the United States population will be 65 years or older, while four percent of that will be 85 years or older. The need for long-term care facilities for an aging population will increase the demand for services, whether from community or residential care, or home-based care. While advancements in medication and healthcare have happened since this projection, and will likely continue to advance, caring for the elderly or those in need will become more prevalent in the next few decades. Decision-making for long-term care should focus on more accessibility, affordability, and increasing the quality of life for those who, oftentimes, live out the rest of their life in long-term care. The United States government provides services for many elderly, however, those that are middle-income or wealthier are forgotten. For those who are wealthier, they may be able to supplement their needs, including care services, but for those in the middle-income category, it is projected that by 2029, 14.4 middle-income seniors with limitations that will not be able to afford the housing and care services they need (Pearson et al., 2019). These seniors may not qualify for Medicaid, but do not have the savings, retirement, or pension to cover the costs either. Policies and legislation should be considered to overview the resources and qualifying criteria

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