“Announcing the Minority Aging Statistical Profiles,” Administration for Community Living “The older population is becoming more racially and ethnically diverse as the overall minority population in the U.S. experiences greater longevity. Racial and ethnic minority populations have increased from 6.9 million in 2006 (19% of the older adult population) to 11.1 million in 2016 (23% of older adults), and are projected to increase to 21.1 million in 2030 (28% of older adults). This page provides information on minority older adults in the U.S. For additional information, visit the Profile of Older Americans. Statistical Profiles African Americans Age 65+ American Indians and
Read More

“Longevity, Life Expectancy & The Long Run,” by Tania Slade, Advisor Magazine “BMO Wealth Management wanted to know how Americans are thinking about this increased longevity, so we conducted a survey of more than 500 Americans aged 55 and older to explore their views on aging and their top concerns tied to family and wealth. … The study shows that Americans’ top concerns about living a long life include health problems and costs, becoming a burden on family, and maintaining financial security. And more importantly, far more aging Americans would most like to be remembered for the values they lived by
Read More

“The Impact of Cognitive Decline on Families’ Finances: RBC Survey,” by Emily Zulz, ThinkAdvisor “The survey found that among those who provide financial support to an older relative, the average monthly contribution is $403. Twenty-two percent contribute $500 to $999, and 14% contribute more than $1,000.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): $403 a month could have bought the aging elder a very nice LTCI policy … before it became a recurring caregiver expense.  
Read More

“Spending dips on health care for the Medicare elderly,” ScienceDaily “Health care spending among the Medicare population age 65 and older has slowed dramatically since 2005, and as much as half of that reduction can be attributed to reduced spending on cardiovascular disease, a new study has found. By 2012, those reductions saved the average person nearly $3,000 a year. Across the entire elderly population, those savings add up to a whopping $120 billion, with about half of those savings coming from Medicare.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Savings now. More spending later
Read More

“Good News for Indemnity Based LTC Coverage,” by Shawn Britt, ThinkAdvisor “Concerns that indemnity policies could be restricted from paying benefits that were previously available or potentially cause unexpected taxation of benefits due to the TCJA have not come to pass. Indemnity benefits remain the same flexible benefits that advisors have been accustomed to presenting to clients; and cash indemnity benefits will continue to offer that extra level of choice and flexibility that clients may find of value.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): I hear sighs of relief.  
Read More

“The Federal Government Will Spend Half Its Budget On Older Adults In Ten Years,” by Howard Gleckman, Forbes “According to a new report by the Congressional Budget Office, the federal government spent about one-third of its budget on seniors in 2005 (see pages 12-14). By last year, the share grew to 40 percent, or $1.5 trillion. And by 2029, it will rise to half of all non-interest spending, or about $3 trillion. To put it another way, the government will spend about 10 percent of   the nation’s Gross Domestic Product on older adults. In 2005, it spent about 6 percent.” LTC
Read More

“Big rise: More than 43,000 jobs open in long-term care as leaders plot,” by Marty Stempniak, McKnight’s LTC News “New data from the CEB TalentNeuron reveals that as of this week, there are 43,531 jobs posted by direct employers at nursing homes, along with assisted living facilities and continuing care retirement communities. That’s an increase of more than 10,000 positions when compared to a typical month in 2018, the American Health Care Association noted in a blog post Tuesday. ‘There is no question that long-term care providers are dealing with a workforce crisis and one of the main reasons for that is low
Read More

“Aging Americans fall prey to ‘brain-boosting’ supplements offering hope, hype and dodgy data,” by Suzanne Leigh, MedicalXPress “Americans are feeding the multi-billion-dollar ‘brain health’ dietary supplement industry in a desperate bid to stave off or reverse Alzheimer’s disease and other dementias. But such treatments are ‘pseudomedicine’ and health care providers should discourage patients from pursuing them, say neurologists at UC San Francisco.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Snake oil for the brain.  
Read More

“Report: 85% of Baby Boomers plan to work into their 70s (and even 80s),” by Sheila McClear, Ladders “There’s no doubt about it: many Baby Boomers simply aren’t ready to retire. Either they don’t have enough money saved up yet, or they simply aren’t ready to leave the working world behind. Deloitte Insights took a look at what this means for the workforce, which will now absorb five generations of workers. Some organizations will be more prepared than others for people working well past retirement age. Deloitte examined who our oldest workers are, what they need, what drives them, as well as how employers can create jobs
Read More

“Simplicity Acquires LTC Distributor,” by Allison Bell, ThinkAdvisor “An insurance distributor with private equity backing has announced another distribution company deal. Simplicity Group Holdings said Thursday that it has acquired America’s First Financial Corp. of St. Peters, Missouri. America’s First was founded in 1960. It now focuses on wholesaling long-term care planning programs based on use of life insurance policies and annuity contracts.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Evidently, their focus is on equity-based products.  
Read More