A new report finds New Yorkers who are family caregivers face growing financial challenges – and blames “policy inaction.”
The Bipartisan Policy Center of New York report says long-term care costs continue to rise, increasing the strain on family caregivers. While lawmakers have been aware of this for years, they haven’t sufficiently addressed ways to reduce these costs.
Allison Buffett, senior policy analyst with the Center, said misconceptions about how to pay for long-term care costs have kept lawmakers from lowering them.
“A lot of folks believe Medicare, when they get older, will cover long-term care,” said Buffett. “Medicare does not cover the majority of these services that individuals rely on to particularly age in their homes and in their communities.”
The report said lawmakers could help reduce costs by modernizing health-care programs so middle-income adults don’t have to spend down their savings to qualify for Medicaid if they require long-term care.
It also suggests finding ways to strengthen the declining private long-term care insurance market.
More than one in four adults in New York State are family caregivers – and over one-third of them face financial challenges because they pay for care out of pocket. Buffett said further inaction by lawmakers won’t just harm people receiving care, but those providing it.
“We will see more individuals dropping out of employment,” said Buffett, “in order to provide care to their loved ones.”
And other challenges stem from cuts to Medicaid programs through the federal budget megabill passed this summer, which includes deep cuts to social services. Medicare premiums are expected to rise about 10% next year, the largest increase in four years.
Edwin is a reporter and producer in North Tonawanda, New York. He’s previously reported for the Niagara Gazette and the Ithaca Times. Edwin got an early start in radio interning for WBFO-88.7FM, NPR’s Buffalo affiliate. In 2018, he graduated from SUNY Buffalo State College with a B.A. in Journalism, and in 2022, graduated from Syracuse University with an M.S. in Communications.