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October 05, 2008 at 04:00 PM
State Medicaid programs could spend $1.6 trillion on long term care expenses over the next 20 years. When federal matching funds are included, total government spending on long term care will exceed $3.7 trillion, according to America’s Health Insurance Plans, Washington.
Medicaid LTC spending will grow at a faster rate than overall health care spending, faster than Medicare, and faster than the national gross domestic product, AHIP predicts. If existing trends go on, annual Medicaid LTC expenditures could grow by 124% between 2008 and 2027, to $116 billion, from about $51 billion, AHIP says.
In 2008, 15 states will be spending $1 billion each on “Medicaid C” services.
By 2027, 25 states will be spending $1 billion or more, AHIP says.
The AHIP report was co-written by Paul London, an economist and former Commerce Department deputy undersecretary in the Clinton administration, and Daniel Shostak, president of Strategic Affairs Forecasting, Silver Springs, Md.
