Rising life expectancy may mean more people may need more long-term services and supports (LTSS) for daily living. Support could range from minor assistance, such as balancing a checkbook, to more personal hands-on help with various needs (e.g., toileting and bathing), or caring for individuals with severe cognitive limitations. The need for services would be primarily due to aging, chronic illnesses, disabilities, or a combination of these factors.
These services encompass various types of care, including personal care, medical care, and support services, and can be provided in the home, community settings, or specialized institutions such as nursing homes. While the primary goals of LTSS include helping individuals maintain their independence, providing them support in appropriate home settings and improving their quality of life despite health limitations, the implications of such care can present significant challenges for both individuals and families.
The Society of Actuaries Aging and Retirement Strategic Research has published two award-winning essays exploring long-term services and support from a variety of actuarial perspectives related to aging and retirement. The two essays were chosen for their creativity, originality, and promotion of further thought in this area.
Read the recently published essays, Upcoming Crisis in U.S. Caregiving, by Sam Gutterman, and Understanding the Evolving Financial and Actuarial Challenges of Long-Term Services and Supports (LTSS), by Xinyi (Cindy) Hu. The authors wrote their essays in response to a call for essays issued by the Society of Actuaries Aging and Retirement Strategic Research.