“Trappings of LTC system leave operators trapped,” by Stephen A. Moses, McKnight’s LTC News   Quote: “Long-term care operators are trapped in a public financing system that pays too little, expects too much, rewards cronyism, discourages creativity, punishes profit making and disserves aging Americans. … In a free market, prices are set by supply and demand, not by government decree or pressure. So prices would reflect the kind, amount and quality of care options for which people are willing and able to pay. … Public assistance should be a last resort instead of the universal safety net its advocates demand
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“The pandemic pummeled long-term care – it may not recover quickly, experts warn,” by Rhitu Chatterjee, NPR   Quote: “Nursing homes and other long term care facilities have lost a record number of residents and staff to COVID-19 – representing about a quarter of all COVID deaths in this country. Now, the industry is suffering through a historic staffing shortage, further exacerbated by omicron. Workers have quit in record numbers since the pandemic started. And during the worst of omicron many frontline staff had to stay home because of breakthrough infections. … Researchers are concerned the situation could have a lasting impact
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“15 Most Expensive States for Long-Term Care: 2021,” by Michael S. Fischer, ThinkAdvisor   Quote: “The cost of long-term care services increased across all provider types in 2021 and increased more substantially in certain settings, according to Genworth’s annual cost-of-care survey, released last week.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Happy “Twosday,” 2/22/22. How interesting. Remember how all the experts tried to convince us that home and community-based care was so much cheaper than institutional, i.e. nursing home care? They pushed to rebalance Medicaid from nursing homes to home care to save money. Oops. Turns out, as
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“Studying This Could Slash Your Alzheimer’s Risk, Experts Say,” by Lauren Gray, BestLife   Quote: “Certain habits that keep the brain active throughout life may help delay the onset of Alzheimer’s symptoms, some experts say. In particular, speaking two or more languages appears to have a positive effect on long-term cognitive health.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Buenas tardes and c’est la vie.                 Subscribe to GoldenCare News  
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“​Taxpayers 65 and Older Eligible for Earned Income Tax Credit,” by Dena Bunis, AARP   Quote: “Millions of older Americans will be able to claim an earned income tax credit (EITC) when they file their 2021 tax returns this year and Lisa Marsh Ryerson, AARP executive vice president and president of AARP Foundation, told U.S. Vice President Kamala Harris Feb. 8 that AARP will raise awareness about the benefit and continue to urge that the EITC cap be permanently lifted. … Before the changes included in the rescue plan, individuals age 65 and older were not eligible for the EITC. For
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“Retirees From Market Downturns: New Study,” by Jane Wollman Rusoff, ThinkAdvisor   Quote: “It’s time to stop viewing reverse mortgages as simply a means of last resort for mass-affluent retirees running out of money, according to Phil Walker, vice president of strategic partnerships at Finance of America Reverse. They can be used as a strategy for risk mitigation while at the same time growing investment portfolios, he argues. … Titled “To Reduce the Risk of Retirement Portfolio Exhaustion, Include Home Equity as a Non-correlated Asset in the Portfolio,” the white paper shows how tapping home equity with a reverse mortgage offers the most benefit for
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“U.S. national debt exceeds $30 trillion for first time,” by Shawna Chen, Axios   Quote: “The U.S. gross national debt exceeded $30 trillion for the first time on Tuesday, according to new figures from the Treasury. Why it matters: The nation arrived at the number far earlier than projected due to the pandemic, which amped up federal spending into the trillions, the New York Times writes. The new record comes as the U.S. struggles to deal with worsening inflation. … Yes, but: The national debt was already increasing prior to the pandemic. The U.S.’s budget deficit jumped 26% to nearly $1 trillion in late 2019, increasing for the fourth year in
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“American Seniors Feeling the Inflation Heat,” by Lynn Brackpool Giles, 401K Specialist   Quote: “Add senior citizens to the list of Americans who are starting to experience the impact of rising inflation in retirement. The uptick in the cost of living and other economic factors is taking its toll on seniors, adding to their concern about making retirement dollars last, according to a new report from American Advisors Group (AAG), a reverse mortgage lending service. Economic inflation is the top worry with 66% of seniors worrying that it will have a negative impact on their retirement. And widowed or divorced senior women answered at the highest rate with 72% expressing concern.
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“Nearly all high-touch surfaces in LTC are contaminated, study finds,” by Amy Novotney, McKnight’s LTC News   Quote: “More than 90% of ‘high-touch’ surfaces in long-term care facilities, including handrails and equipment controls, are contaminated with fecal matter and other potential sources of infectious disease spread, according to a study released Thursday. … The researchers also found that surfaces touched by patients and visitors were twice as likely to have high levels of ATP [adenosine triphosphate (ATP), a bioluminescent chemical reaction that indicates the presence of organic material; norovirus] compared to those touched primarily by nursing and janitorial staff or by patients
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“Millions of People Could Lose Medicaid Coverage When the Pandemic Is Declared Over,” ElderLawAnswers   Quote: “While declining COVID-19 cases are good news, the end of the pandemic could mean millions of Medicaid recipients will lose their coverage. Federal law has prevented states from terminating Medicaid benefits while the coronavirus health emergency is in place.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: I suppose if you’re in the business of finding legal ways to qualify your affluent clients for a welfare program never intended to serve them, you’d be fine with the same program supporting
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