LTC Industry Critical To Economic Future of America
The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) recently released a report that outlines the importance of senior care and the facilities that support caring to the nation’s economy. The report shows that the long term care industry generates $529 billion in total economic activity, supports and creates over 5.4 million jobs, and returns over $60 billion in taxes back to federal and state governments annually. Some important findings of the report include:
- Long term care supports 3.7% of the nation’s Gross Domestic Product (GDP)
- Long term care is a top ten employer base in 172 congressional districts.
- There are 50 congressional districts where long term care employs more than 10,000 individuals.
- In 25 of 29 congressional districts in New York long term care is in the top ten employers.
There are 10 states in which long term care employs more than 10,000 individuals.
"In this economic engine that is the American economy, long term care is one of the pistons, consistently firing even in the worst of hardships," stated Governor Mark Parkinson, President and CEO of the American Health Care Association and the National Center for Assisted Living (AHCA/NCAL). "If the states cut Medicaid, that will have direct and drastic implications on not only our profession, but more importantly our ability to serve the greatest of our country. The potential for increased job growth – a priority of every lawmaker in this country – is huge. Our profession must receive the appropriate funding needed for us to meet the demand of Baby Boomers in the coming years."
The analysis from AHCA/NCAL drills down to provide in-depth examinations of state, multi-county, county, sub-county, and metropolitan regional economies.
View the Economic Impact of Long Term Care Facilities by State
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Category: Long Term Care, Nursing Homes, Senior Care
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Does this mean there is an inducement to keep Medicaid as a funding source for LTC services? And/or will this increase policies to encourage the purchase of private LTC insurance?
How does a person purchase long term care insurance without a decent job? Jobs that afford a person to live in the United States have been shipped offshore. I believe that too many simple and disconnected people and politicians have no idea what it is like to try to survive in this country – but they will soon.