“Social Security and Medicare Reform,” by John C. Goodman, The Goodman Institute “According to the latest Trustees Report, the unfunded liability in Social Security and Medicare is $163 trillion – almost 7 times the size of our entire economy. An unfunded liability is the difference between benefits already provided by current law and the future tax revenues expected to pay for those benefits. In a sound retirement system, we would have $163 trillion in the bank, drawing interest. In fact, nothing is being saved. Instead, payroll tax dollars are being spent the very day they come in the door. To avert financial
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“The Growing Opportunity For Wealth Transfer; Not Only For The Wealthy,” by Hearts and Wallets, Advisor Magazine “Nearly two thirds of U.S. households are now involved in intergenerational wealth transfer with growth seen in both wealthy households and lower-asset households affected by the transition from defined benefit to defined contribution plans, according to a new research report by Hearts & Wallets, the independent research and benchmarking firm that specializes in saving, investing and financial advice. … Of the 129.4 million total U.S. households, 79 million (61%) have received, expect to receive, or leave an inheritance, up from 58 million (46%)
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“100 Must-Know Statistics About Long-Term Care: 2023 Edition,” by Christine Benz, Morningstar “A compendium of data about long-term-care usage and costs, the state of insurance, and the toll on caregivers.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Click through for the scary list.   Subscribe to GoldenCare News  
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“How to Get Your Long-Term Care Planning on the Right Track,” by Stephen B. Dunbar III, Kiplinger “As an American citizen, you’re entitled to long-term care that is paid for by the government. However, as you might expect, the standard of care in a public Medicaid facility can be quite different to what you may receive if you pay to go private.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Finally a sensible sentence from Kiplinger which has recently promoted Medicaid planning without disclosing its downside risks.   Subscribe to GoldenCare News  
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“Medicare, Social Security financial shortfalls would ‘further cripple’ long-term care, advocates say,” by Kathleen Steele Galvin, McKnight’s Senior Living “‘Today, chronically underfunded providers struggle to deliver the quality care that’s desperately needed in our communities; projected financial shortfalls for either Social Security or Medicare will further cripple the country’s fragile long-term care system,’ Sloan said. ‘If Congress and the administration don’t act now to shore up these two critical programs, older adults and families will suffer.’” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: What do Social Security and Medicare have to do with long-term care? Plenty,
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“Long-term care insurance could create huge fiscal burden for adult children of aging boomers,” by Bonnie-Jeanne MacDonald, Samir Sinha, and Alyssa Brierley, Financial Post “Alternatively, if we create a national LTC insurance program that asks the younger generation to immediately fund new LTC benefits to older people (i.e., those who haven’t paid into it), there will be a major issue of intergenerational fairness, particularly given that this younger generation will also be called on to provide significant levels of voluntary care to older Canadians.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Sounds like a plan Charles
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“The Looming Collapse of a Long-Term Care Insurer Raises Questions for DFS,” by Bill Hammond, Empire Center “The Department of Financial Services filed court papers on Feb. 22 seeking to take control of the American Independent Network Insurance Co., or AINIC, a long-term care insurance provider. The company has approximately 690 policyholders across the state, a portion of whom are drawing benefits as residents of nursing homes. … AINIC’s parent companies were recently closed down by regulators in Pennsylvania, leaving the company in ‘hazardous condition,’ according to one of the court filings on behalf of DFS Superintendent Adrienne Harris.” LTC Comment, Stephen A.
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“Long-Term Care Planning vs. Taxes: Finding a Healthy Balance,” by Lindsay N. Graves and John M. Graves, Kiplinger “Typical methods for long-term care financing include long-term care insurance, life insurance with accelerated death benefits and asset protection trust planning. … Self-settled wholly discretionary grantor trusts, which are irrevocable, can be used to house certain assets that Medicaid would otherwise expect families to liquidate and spend prior to approving benefits to cover the bulk of the cost. … [LTC insurance] …. policies are not a good option for families with under $1.5 million in assets, as they are cost prohibitive. If
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“CalPERS to pay $800 million settlement over claims it misled retirees on costs of long-term care insurance,” by Adam Ashton, CalMatters “CalPERS is preparing to pay out roughly $800 million to settle claims that it misled retirees when it began offering long-term care insurance in the late 1990s and pledged it wouldn’t substantially raise rates on certain plans. … Under the new agreement, retirees who want to cancel their long-term care insurance will receive 80% of the premiums they paid into CalPERS’ long-term care fund. That could amount to tens of thousands of dollars for retirees. The settlement does not
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“Long term care insurance in the UK: What’s going on?,” by Mark Rosanes, Insurance Business UK “Arranging care for later life can be a complex and costly endeavour, highlighting the need for long-term care insurance in the UK. Unfortunately, this type of coverage is no longer accessible across the country, but this does not mean that British citizens are left without options. In this article, Insurance Business explains why long-term care insurance policies are not being sold anymore in the UK, what options are available when it comes to financing care, and what plans are in place to enable citizens to
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