“Americans pay $17.5 billion to support parents in a year,” by Kathleen Steele Galvin, McKnight’s Senior Living  “Americans provided $17.5 billion to support their parents in 2020, according to the US Census Bureau. More than half (53.9%) of parental support providers made payments to one parent, and 40.8% made them to two parents. Almost as many adults provided voluntary parental support to parents in 2020 as those who made mandatory child support payments — 4.3 million and 4.4 million, respectively. That’s not to say the dollar amounts were comparable, however, the bureau said. American’s paid significantly more in child support
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  “Ben Veghte: As long-term care needs grow, WA Cares offers long-term solution for working Washingtonians,” by Ben Veghte, The Spokesman-Review “As we approach the start of contributions to the WA Cares Fund, the state’s new long-term care insurance program, there are understandable questions about the program, its costs and the benefits. … WA Cares is intended to provide access to long-term care for the broad middle class. Without WA Cares, people who need care are forced to pay for everything out of pocket and often spend down their life savings to just $2,000 to qualify for Medicaid. Loved ones
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  “Medicaid changes could help assisted living help more older adults,” by Joseph Demattos, Jr., McKnight’s Senior Living  “It’s a fact that assisted living communities play a vital role in the country’s residential and healthcare infrastructures. They provide a unique mix of housing services, assistance with activities of daily living while allowing independence and social wellness for people as they age. … Sadly, it’s also a fact that assisted living communities are financially out of reach for many people and families in need. … Medicaid rates are lower for assisted living communities than nursing homes because, technically, they  are providing
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  “Medicare Advantage retaining sicker patients with more complex health needs: study,” by Alicia Lasek, McKnight’s LTC News  “Investigators found that seniors with chronic conditions were not more likely than their healthier peers to disenroll from their MA plans during the study period. There is no longer a clear incentive for providers to skimp on health services as there was in the original MA model, reducing beneficiaries’ need to switch, the researchers explained. The Medicare program now incentivizes the enrollment of a larger proportion of lower-income and minority groups, and people with multiple chronic conditions, they said. Yet, the most vulnerable
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  “Originally, WA Cares was supposed to begin collecting taxes in 2022. The program is supposed to start paying up to $36,500 in benefits to eligible participants starting July 1, 2026. WA Cares could serve as a model for a public LTC benefits program in California.” Advisor Magazine “U.S. households ages 55-plus control 74% of investable assets, but whether these households are retired has little to do with their asset levels, according to a new market sizing report by Hearts & Wallets, the independent research and benchmarking firm that specializes in saving, investing and financial advice. … The 130 million
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  “Washington State Long-Term Care Insurance Program to Launch Saturday,” by Allison Bell, ThinkAdvisor “Originally, WA Cares was supposed to begin collecting taxes in 2022. The program is supposed to start paying up to $36,500 in benefits to eligible participants starting July 1, 2026. WA Cares could serve as a model for a public LTC benefits program in California.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: More likely WA Cares will be a red flag warning for other states and the federal government of what not to do.   Subscribe to GoldenCare News  
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  “Medicare spending expected to top $1 trillion this year, CMS says,” by Kathleen Steele Galvin, McKnight’s Senior Living  “Medicare expenditures are expected to exceed $1 trillion despite the end of the COVID-19 public health emergency this year, the associated expirations of the skilled nursing facility three-day stay rule waiver and the 20% payment increase for inpatient COVID-19 admissions, according to estimates released Wednesday by the Office of the Actuary at the Centers for Medicare & Medicaid Services. Medicare spending growth is projected to accelerate from 4.8% in 2022 to 8% in 2023, according to the study, which also will appear in
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  “What to Know About Buying Long-Term Care Insurance,” with Richard Eisenberg, Terry Savage and Brian Gordon, Friends Talk Money  “A guide to who should consider buying a long-term care insurance policy, what these policies do and don’t cover, what age to consider buying it and the newer versions known as hybrid policies and 10-Pay policies. Our guest: Brian Gordon, a long-term care insurance policy expert with Gordon Associates in Bannockburn, Ill.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Listen to this fascinating podcast covering the need for LTC insurance, LTC provider inflation, drastic LTCI premium
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“Long Term Care Insurance & Inflation,” by Terry Savage, TerrySavage.com   “1. If you have an older Long Term Care Insurance policy and the premium jumps, ask an expert to evaluate your options, which may include giving up inflation protection or shortening the coverage period. But, if possible, don’t just drop your coverage, letting the insurance company have a windfall of the premiums already paid. “2. Look into a new ‘combo’ life/long term care insurance policy, where premiums can never go up and where the coverage can never decline. With one large payment, or a series of payments over 5-15
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“New tool detects falls 32 days before they happen,” by Christine Birkner, McKnight’s Senior Living    “Preventable falls are a leading cause of death among nursing home and senior living patients, so using new technologies to predict and prevent them is crucial. One new tool uses a smartwatch to detect signs of falls as much as 32 days before they happen.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: I missed a handicap ramp curb (how ironic is that?) and fell flat with my laptop and cell phone flying forward and leaving me hobbling with a sprained ankle for a week.
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