HEALTHCARE FINANCE IN A NURSING HOME

Healthcare Finance in a Nursing Home

Abstract

The study target was to evolve taxonomy of psychosocial factors that may leverage individual conclusions for financing nursing homecare. Qualitative analysis was carried out with coding, sorting, and development of recurrent topics at multiple grades utilising a node structure, which was reconsidered and changed through an iterative process by the investigators. Participants' expectations of, and planning for, future long period care needs varied. Findings show the multifaceted environment of planning behaviors in financing nursing homecare, proposing that in supplement to economic variables, psychosocial factors are significant determinants of such behaviors. Identified factors may announce the development of more comprehensive psychosocial assesses in future investigations.

Table of Contents

INTRODUCTION4

BODY: DISCUSSION AND ANALYSIS4

Planning for care5

Factors characterizing psychosocial determinants of long period care financing decisions6

Factor 1: Individual rights6

Support from the government6

Support from family7

Factor 2: Individual responsibility8

Duty to self8

Duty to family8

Duty to others9

Factor 3: Available assets and opportunities9

Financial resources9

Informational resources9

Availability of prescribed long period care services10

Factor 4: Personal capacity10

Perceived locus of control10

Orientation in the direction of the future11

Factor 5: Providing financially for others11

Retention of assets for use by spouse or to sustain benchmark of living11

Leaving an inheritance for the next generation12

CONCLUSION13

Finance in a Nursing Home

Introduction

While the function of individual characteristics in nursing homeuse has been broadly revised, there is restricted study considering individual designing behaviors in the context of nursing homefinancing. Informed by economic theory and focusing mainly on long period care insurance, investigations have recognised certain applicable demographic characteristics, for example age, earnings, assets, and education. However, former study has not expressly analyzed the function of psychosocial factors in depth. Accordingly, this study searched to (1) develop taxonomy of psychosocial factors potentially applicable to individual long period care designing behaviors, (2) announce the development of psychosocial assesses in future quantitative investigations, and (3) recognise concerns significant to the conceive of thriving interventions directed at boosting individual responsibility for giving for nursing homecare. (Millenson 1999)

 

Body: Discussion and Analysis

Differences live in the span to which persons design for long-term care . Certain characteristics, for example socioeconomic status and gender, have been affiliated with long period care designing behaviors. Cultural norms about the desirability of planning and family dynamics may furthermore be important. Evidence proposes that those most at risk of requiring nursing homecare have not made economic designs to yield for it, and are ignorant of long period care options. Yet numerous persons accept as factual that they will have to depend on themselves to design and yield for long-term care.

The connection between expectations of requiring nursing homecare and planning behaviors has been lately examined. Data propose that persons usually pattern expectations about nursing homeuse in reasonable modes, drawing upon data considering renowned risk factors. Economic models posit that expectations about future events may sway savings, protection, and other economic planning. Availability of family or other casual support may influence decisions about giving for care. Concerns about depleting one's assets in giving for care through the method renowned as “spend down” furthermore play a part in planning ...