“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
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“Opinion: What the rise of dementia may mean for your financial future,” by Angie O’Leary, MarketWatch Quote: “From the outset, a dementia diagnosis necessitates services and care that bring about a mountain of expenses. Early on, families tend to step in as caregivers and coordinators, helping with everything from routine activities, like shopping and medical appointments, to daily tasks, like bathing and dressing. This can add to the financial burden in the form of lost wages, career disruptions and out-of-pocket expenses. It’s important to note that the vast majority of family caregivers are women, which means they are likely to
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“New Census Bureau data show steady increase in prospective residents,” by Lois A. Bowers, McKnight’s Senior Living Quote: “Most U.S. older adults who make the move to a senior living community do so between ages 75 and 84, according to the American Seniors Housing Association’s Where You Live Matters consumer education campaign. Data released by the Census Bureau on Thursday show a steady increase in the number of 75-year-olds from the years 2010 to 2017.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): OK, but you ain’t seen nothin’ yet. Baby boomers don’t start turning 75
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“Home Sharing: Growing Trend or Desperate Need?,” by Anthony Cirillo, U.S. News & World Report Quote: “Many baby boomers have a real desire to age in their own home, provided they’re capable and it’s safe. But sometimes the economic realities of upkeep, the need for companionship and socialization and even help around the house makes you want to consider a more formal senior community. Home sharing provides an alternative to senior living, whose costs can range from $2,500 a month in an independent community to over $100,000 a year in a skilled nursing facility.” LTC Comment (from Stephen A. Moses,
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“Many Retirees Are Not Spending Down Their Accumulated Assets To Fund Their Retirement Needs,” Advisor Magazine Quote: “New research by the Employee Benefit Research Institute (EBRI) finds that retirees are not spending down their accumulated assets to fund their retirement needs—even though the risk of large out-of-pocket health care costs may be modest. The EBRI Issue Brief, “Asset Decumulation or Asset Preservation? What Guides Retirement Spending?” shows that even when assets are plentiful or when there is guaranteed income available to ensure that retirees will not run out of money, rates of decumulation are low. … ‘The evidence shows that many
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“High-quality, short-term nursing stays lower risk of seniors entering long-term care,” by Kimberly Marselas, McKnight’s LTC News Quote: “Seniors who seek rehab at higher-rated short term nursing facilities are less likely to transition into long-term care facilities afterward, finds a study published online first in the Journal of the American Geriatrics Society. … Investigators found that a person’s risk of eventual placement in long-term care nursing homes varied, based on the facility where they received care. Staffing ratios and inspections were most closely associated with LTC placement rate.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
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“Investors Should Still Be Skeptical About GE’s Long-Term Care Obligations,” by Anders Keitz, The Street Quote: “General Electric Co.’s (GE – Get Report) finance unit, which is already planning to spend $15 billion over the next six years to bolster its legacy insurance portfolio, may have to add to that sum in future years, analysts said. Long-term care obligations still weigh on the Boston-based industrial conglomerate’s balance sheet, even though GE largely exited its insurance business more than a decade ago, under former CEO Jeff Immelt.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Drip, drip, drip. Investors
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“Thought Leaders Want Alzheimer’s At The Top Of G20 Agenda,” by Robin Seaton Jefferson, Forbes Quote: “Thought leaders, researchers and scientists from around the world last week released a Consensus Statement and Research Framework that outlines the urgent need to adopt Aging and Dementia as a theme of the G20 Summit next year, and puts forward recommendations on what exactly they want to see done about the disease that is fast becoming a global crisis.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Oh good, a lot of politicians and bureaucrats talking about Alzheimer’s. That’ll surely find a
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“Are Medicare Advantage Plans Steering Enrollees to Lower-Quality Nursing Homes?,” ElderLawAnswers Quote: “A new study has found that people enrolled in a Medicare Advantage plan were more likely to enter a lower quality nursing home than were people in traditional Medicare. The study raises questions about whether Medicare Advantage plans are influencing beneficiaries’ decisionmaking when it comes to choosing a nursing home.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Talk about the pot calling the kettle black! Elder law attorneys have dumped untold millions of their relatively affluent clients into Medicaid nursing homes at reimbursement
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“Clichés about only being as old as you feel are starting to have scientific backing,” by Marlene Cimons, Washington Post Quote: “One study, for example, found that as people get older, they consistently say they feel younger — much younger — than their actual age. Another study examining the attitudes of the offspring of centenarians concluded that the centenarians’ children — if they, too, were healthy and long-lived — have a strong sense of purpose and meaning to their lives, compared with the general population. Finally, there is evidence that positive attitudes about aging may reduce the risk of dementia,
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