“The myth and reality of the Medi-Cal ‘spend-down’,” by Philip P. Lindsley, San Diego Union-Tribune Quote: “What’s the reality? The need to ‘spend down’ is almost never true. There are many assets that are considered exempt or unavailable and are not counted in the qualification process. Just two of several examples would be the home and all IRAs and other pension plan funds. There are also other substantial additional allowances and planning opportunities available for those who are aware and use them. Few do.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Few do? Hardly. Most
Read More

“Retirees Come Face To Face With Longevity,” Advisor Magazine Quote: “This year’s Retirement Confidence Survey (RCS) finds only a third of retirees very confident in their ability to live comfortably throughout retirement (32 percent). While this is comparable to last year, retiree confidence in having enough money to cover basic expenses and medical expenses has dropped: 80 percent say they are very/somewhat confident about covering basic expenses this year compared to 85 percent in 2017; and 70 percent say they are very/somewhat confident about covering medical expenses this year vs. 77 percent in 2017. In addition, retirees’ confidence that Medicare and
Read More

“Following a couple from diagnosis to the final stages of Alzheimer’s,” by Jonathan LaPook, CBS News Quote: “For 10 years, Dr. Jon LaPook has been checking in on Carol Daly, a woman diagnosed with Alzheimer’s, and her caregiver husband, Mike. After a decade, the disease has had a devastating impact on each of them.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): We tipped you to this 60 Minutes episode in advance, but did you see it? If not, click through and watch it now. This may be the most powerful 12 minutes you, your prospects
Read More

“Thousands of nursing home patients nationwide affected by NJ company’s financial trouble,” by Lindy Washburn, northjersey.com Quote: “A Wood-Ridge-based company that owns or operates more than 100 nursing homes around the country has failed to make payroll in Nebraska and Kansas, leading regulators to take over 36 homes serving thousands of patients. Skyline Health Care, LLC, in Wood-Ridge, owned by Joseph Schwartz, is the parent company for those nursing homes and others in Arkansas, South Dakota, Tennessee, Pennsylvania, Massachusetts, and Florida.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Expect more stories like this. Then you’re
Read More

“No Spend Down,” by Stephen D. Forman, LTCA Weekly Reader Quote: “The Employee Benefit Research Institute (EBRI) always publishes high-quality research. In their latest study they find that retirees do a poor job of asset decumulation. Those with few assets (who enter retirement with median assets of $31,740) still have $24,000 eighteen years later, a parsimony which is ‘not irrational,’ according to the authors. But even when assets are plentiful upon retirement (a median of $857,450), eighteen years later this group still maintains a healthy bank account worth $763,900. In short, EBRI finds that retirees spend their income (what comes
Read More

“Couples in retirement face average health care costs of $280,000, Fidelity estimates,” by Adam Shell, USA Today Quote: “Fidelity estimates it will cost a couple $280,000 to cover their health care costs in retirement, up 2% from last year and 75% since its 2002 estimate of $160,000. The math assumes a couple retires at 65 and is eligible for Medicare. The cost for care for males in retirement is an estimated $133,000, while the tab for women, who tend to live longer than men, is $147,000.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Annual update
Read More

“Most who collect long-term care insurance benefits not in nursing homes,” by Kimberly Marselas, McKnight’s LTC News  Quote: “The evolving nature of long-term care insurance policies means fewer beneficiaries end up in nursing homes, according to an industry group that released a new claims analysis Friday. More than half (52.1%) of all new long-term care insurance claims began in the home setting in 2017, according to the American Association for Long-Term Care Insurance. ‘People continue to mistakenly associate long-term care insurance exclusively with skilled nursing home care,’ said Jesse Slome, director of the long-term care insurance organization. ‘Nearly one in
Read More