“Will the ‘Long-Term Care Tax’ be Coming to Your State Soon?,” by Matt Meyer, Nasdaq     Quote: “Although you may dislike the idea of additional taxes, this trend will help drive a much-needed conversation about the costs and responsibility for long-term care. The opportunity this provides is for working people and their financial or insurance advisors to plan and be proactive before legislation is passed. While we can’t be certain the exact same taxes and opt-out options will be included in bills passed in other states, if you or your clients have ever considered or had a desire
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  “California Is Ending Its Asset Test For Medicaid Long-Term Care. Is It A Mistake?,” by Howard Gleckman, Forbes      Quote: “Soon, California residents with personal care needs will be eligible for Medicaid long-term care no matter how much money and other assets they have. On July 1, the state will increase the program’s asset limit from $2,000 for an individual to $130,000 and from $3,000 for a couple to $195,000. The state plans to end the limit entirely as soon as 2024. At first glance, it seems like a big win for frail older adults in California. But
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  “2023 Social Security COLA Estimated at 7.6% as CPI Keeps Rising,” by Ginger Szala, ThinkAdvisor     Quote: “The CPI increase of 7.9% in February doesn’t include commodity price jumps due to Russia’s invasion of Ukraine. Higher food prices have been a key reason seniors are struggling, The Senior Citizens League says. Indications are prices will continue to rise, despite what the Federal Reserve does.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: The monetary walls are closing on Social Security’s beleaguered trust fund. A perfect fiscal storm is coming for anyone dependent on any
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  “U.S. Household Net Worth Jumps to a Record on Equities, Housing,” by Reade Pickert, ThinkAdvisor     Quote: “US. household net worth jumped to a fresh record in the fourth quarter on rising stock prices and higher home values. Household net worth increased by $5.3 trillion, or 3.7%, after a more moderate gain in the third quarter, a Federal Reserve report showed Thursday. The fourth-quarter advance pushed net worth to more than $150 trillion. The value of real estate held by households rose by $1.5 trillion and the value of equity holdings climbed $2.5 trillion.”   LTC Comment, Stephen
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  “The silver tsunami factor: Creating a disaster recovery plan for the impending healthcare devastation ”  by Cynthia Morton and Therasa Bell, McKnight’s LTC News    Quote: “The year 2030 marks the proverbial ‘run-up’ of the silver tsunami, with an important demographic turning point in U.S. history, according to the U.S. Census Bureau. In less than seven years, baby boomers will be older than age 65. In less than a decade, ALL baby boomers will be older than age 65 and for the first time in U.S. history, seniors will outnumber children. An aging population means our overburdened healthcare sector will
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  “No Viable Path for Many SNFs to Improve, Avoid Penalties in Value-Based Purchasing,” by Amy Stulick, Skilled Nursing News   Quote: “The value-based purchasing program (VBP) may not be offering sufficient incentives for nursing homes to improve, particularly for low-performing facilities in areas with underserved populations. Only 0.7% of poor-performing skilled nursing facilities were able to improve enough to avoid a financial penalty under VBP, a JAMA study found – the program didn’t “offer a viable path” for such facilities to avoid penalties using readmission rate data, JAMA researchers said.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care
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  “Spending on Medicaid HCBS totals nearly $116B in FY 2020, report finds,” by Liza Berger, McKnight’s Home Care Quote: “Spending on Medicaid home- and community-based services (HCBS) totaled $115.8 billion in fiscal year 2020, according to a new report released Friday from the Kaiser Family Foundation. Waivers make up over two-thirds of total HCBS spending, while spending under a state plan authority is under one-third of total HCBS spending, the report said. States continue to rebalance long-term services and supports spending toward home- and community-based LTSS, the report indicated. In fiscal year 2019, HCB LTSS made up 59% of total
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