“We haven’t prepared for the aging monster,” by Robert J. Samuelson, Washington Post “No one can say we weren’t warned. For years, scholars of all shapes and sizes — demographers, economists, political scientists — have cautioned that the populations of most advanced countries are gradually getting older, with dramatic consequences for economics and politics. But we haven’t taken heed by preparing for an unavoidable future. . . . The implication: Unless retirement ages are raised sharply or benefits are cut deeply, more and more of the income of the working-age population will be siphoned off through higher taxes or cuts
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“Past efforts point way to future success of Medicaid LTSS reform: report,” by Lois A. Bowers, McKnight’s Senior Living “Twelve million Americans use some form of LTSS, with Medicaid LTSS expenditures totaling $140 billion annually, according to the organizations. Through waivers for home- and community-based services, 15% of assisted living residents rely on Medicaid for their daily long-term care, according to the National Center for Assisted Living. Changes are needed to reduce the potential strain on the Medicaid program at the state and federal level as the aging population grows 18% by 2020, increasing demands for LTSS, the report said.”
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“5 Things an Asset-Based LTC Veteran Sees Today,” by Allison Bell, ThinkAdvisor “Pat Foley is right in the middle of the action for life insurance policies and annuity contracts that offer long-term care (LTC) benefits. As president of individual and retirement services at OneAmerica, he works for an Indianapolis-based company that has been offering ‘hybrid LTC’ products, or ‘asset-based LTC’ products, before the hybrid products were cool. . . . Here’s a look at five things Foley said he’s seeing in the market for LTC solutions now, drawn from a telephone interview conducted Wednesday.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term
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“National Health Expenditure Report Shows We Have Not Solved the Cost Problem,” by Joseph Antos and James Capretta, Health Affairs Blog “Medicaid spending in real terms grew at an average annual rate of 4.4 percent over the period 2010 to 2016. On a per-capita basis, real Medicaid spending actually fell at an average annual rate of 0.3 percent over that period. . . . Per-person spending on Medicaid is heavily influenced by the characteristics of new enrollees into the program. In recent years, the program has enrolled millions of new beneficiaries who are not disabled or elderly, and thus have
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“National long-term care spending hits all-time high at $163 billion,” by Emily Mongan, McKnight’s LTC News “Americans spent nearly $163 billion on nursing care facilities and continuing care retirement communities in 2016, according to a new federal report. The Centers for Medicare & Medicaid Services’ National Health Care Spending report for 2016, published Wednesday in Health Affairs, found that total healthcare spending in the United States increased 4.3% in 2016, reaching $3.3 trillion. When it comes to long-term care, $162.7 billion was spent last calendar year. That marks the highest point in total nursing care and CCRC spending to date,
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“What You Could Learn About a Successful Retirement From Current Retirees,” by Walter Updegrave, Money “Despite all the talk of a retirement crisis — and fears of people running through their savings too quickly — a new study has found something interesting: Older Americans who’ve spent nearly two decades in retirement have not only been able to maintain their pre-retirement standard of living, but have managed to do so while keeping their nest egg largely intact. But before today’s retirement savers get too giddy, the same study warns that future retirees may find it much more difficult to achieve anything
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“Tools added to insurance portfolio,” McKnight’s Long-Term Care News “Genworth Financial has launched an eSuite of new business tools, designed to simplify and expedite new long-term care insurance applications and increase producer efficiency. The electronic process reduces time from application signature to policy in-force date by almost three weeks, the company said.” LTC Comment (from Damon Moses, Administrative Coordinator, Center for Long-Term Care Reform): Innovation that helps make long-term care insurance more accessible is a good thing. Tools added to insurance portfolio #insurance #portfolio #goldencareagent
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