“Older people have the highest rate of homeownership in the country — about 80 percent, according to a 2016 report by the Joint Center for Housing Studies at Harvard. The great majority live in single-family homes, most of them poorly suited for the disabilities common in later life.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): How ironic that seniors have so much home equity that could help them age in place, but government policy, in the form of huge exemptions for home equity, divert them to nursing homes under-funded by Medicaid. Planning to Age in
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“The authors of the new paper don’t break catastrophic risk down by income level, but they note that Medicare enrollees in the top 5% in terms of out-of-pocket spending probably spent an average of $19,009 out of pocket in 2016. . . . In 2016, high-income Medicare enrollees spent an average of $564 on dental care, $820 on audiologists and other providers not paid by Medicare, and $913 on prescription drug co-payments and coinsurance bills. . . . The new out-of-pocket spending analysis shows that, for the 2016 Medicare enrollees in the top 5% in terms of out-of-pocketing spending, long-term
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“It may be fitting that the group nestled between baby boomers and millennials is labeled “Generation X,” since its members are more of an unknown than the generations before and after. Their elders, the boomers, have virtually owned popular culture since the Beatles landed in the U.S. in 1964. Their kid brothers and sisters, the millennials, are applauded for their tech use, social consciousness and entrepreneurial gusto.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): It behooves LTCI producers to understand Generation X, born between 1961 and 1981, as they’re entering their peak-earnings and LTCI prospect
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“Assisted living comes in second to skilled nursing in housing the elderly outside of traditional homes, according to the latest ‘SK&A U.S. Elder Care Market Summary.’ Skilled nursing centers represent 67% of the market, whereas assisted living has 16% of the market, according to the report. The SK&A report lists assisted living separately from personal care and board-and-care facilities, each of which it said represents approximately 1% of the market.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Very interesting data. Medicaid now spends more than half of its LTC expenditures on home and community-based care
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