“What if We Don’t Shore Up Social Security?,” by Bernice Napach, ThinkAdvisor “What population groups will suffer the most if the federal government does not address the shortfall in the Social Security Trust Fund for retirees? Not surprisingly, the youngest population cohort would suffer the biggest deficits because its members would be collecting smaller payouts for longer, according to a new report from the Employee Benefit Research Institute (EBRI). The oldest age group would suffer the least. … Individuals ages 35 to 39 will have to save an additional $58,000 in their retirement funds by the time they reach 65 to make up
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“Fast Food Linked To Dementia, ‘Irreversible’ Brain Damage,” by Leian Naduna, Medical Daily “Scientists found that regularly consuming fast food such as burger, fries and soft drinks increases the risk of dementia, along with a lack of exercise. They are also more prone to type 2 diabetes and a decline in brain function.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Hold the Big Mac.
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“LTC Global and ARM Combine LTCi Distribution Businesses Under Pulitano,” Business Wire “LTC Global, Inc. announced today that it has formed LTC Agency Operations LLC (LTCAO), a new intermediate holding company, with Joseph G. Pulitano. LTC Global and Pulitano have contributed their Long Term Care insurance (LTCi) distribution businesses to LTCAO, including ACSIA Partners, LTC Global Agency and Joseph G. Pulitano Insurance Agency, Inc. d/b/a Advanced Resources Marketing (ARM). The combined businesses make up the largest independent LTCi marketing operation in the industry with over 500 career LTCi specialists. Mr. Pulitano will serve as LTCAO’s Chief Executive Officer, and Henrik
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“Walk this way: Wearable artificial ‘muscles’ for functional disabilities are in the works,” by Alicia Lasek, McKnight’s LTC News “Wearable artificial ‘muscles’ that can help those with functional disability to walk, sit and stand are in the works, thanks to the U.K. researchers who created ‘smart’ trousers, a set of leggings designed to help older adults stay mobile longer.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Robotic ADLs. How will the actuaries deal with that?
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“Trump’s new rule will give businesses and workers better health care options,” by Brian Blase, CNN Business “Starting on January 1, 2020, employers will be able to offer their workers HRAs to buy individual market coverage for themselves and their families. The administration’s new rule addresses a major inequity by, in effect, providing the same tax advantage that traditional employer-sponsored group plans receive — exclusion of premiums from federal income or payroll taxes — to coverage that workers in the individual market purchase from an HRA.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Very important
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“Medicaid Financial Eligibility for Seniors and People with Disabilities: Findings from a 50-State Survey,” by MaryBeth Musumeci, Priya Chidambaram, and Molly O’Malley Watts, Kaiser Family Foundation “Medicaid is an essential source of coverage for medical and long-term services and supports (LTSS) for many seniors and nonelderly adults and children with disabilities. Aside from the core group of SSI beneficiaries, pathways to full Medicaid eligibility based on old age or disability are provided at state option. This issue brief presents the latest state-level data on Medicaid financial eligibility criteria and adoption of key age and disability-related pathways (Figure 1). It also analyzes
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“Social Security Is Staring at Its First Real Shortfall in Decades,” by Jeff Sommer, New York Times “A slow-moving crisis is approaching for Social Security, threatening to undermine a central pillar in the retirement of tens of millions of Americans. Next year, for the first time since 1982, the program must start drawing down its assets in order to pay retirees all of the benefits they have been promised, according to the latest government projections. Unless a political solution is reached, Social Security’s so-called trust funds are expected to be depleted within about 15 years. Then, something that has been unimaginable for
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“Caring for a Family Member Can Take a Toll on One’s Career,” Advisor Magazine “According to LIMRA research, there are 43 million Americans currently acting as an unpaid caregiver for a family member. Advances in medicine and better lifestyle choices have helped more Americans live longer but many of these older Americans often need caregiving help – and oftentimes it falls on the family to provide it. LIMRA wanted to learn how caregiving for a family member impacted their family’s finances. Aside from the out-of-pocket costs associated with caring for a loved one, which AARP estimates is almost $7000 annually, there
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“Early-Onset AD Linked With LDL Cholesterol,” by Vicki Brower, MedPage Today “Elevated LDL cholesterol levels were tied to a higher probability of early-onset AD, a case series showed. Early-onset Alzheimer’s patients had higher levels of LDL cholesterol, total cholesterol, and apolipoprotein B (Apo B) levels, even after adjusting for the apolipoprotein E ε4 (APOE E4) allele — a genetic risk factor known to raise circulating cholesterol, reported Thomas Wingo, MD, of Emory University in Atlanta, and colleagues.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Factors that can increase your risk of LDL cholesterol include poor
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“Did CalPERS mislead policyholders on long-term care insurance? Trial begins on a $1.2 billion lawsuit,” Sacramento Bee “A $1.2 billion lawsuit that could affect up to about 100,000 seniors who had CalPERS long-term care insurance plans goes to trial Monday. The class-action lawsuit claims the California Public Employees’ Retirement System violated insurance policy terms when it increased premiums by 85 percent in 2015 and 2016 after promising policyholders stability. ‘These people were completely, completely misled,’ said Michael Bidart, an attorney representing the plaintiffs. CalPERS contends it had the legal authority to raise the premiums. ‘We raised rates to sustain the plan and we believe
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