“Americans Over 70 Hold More Than 30% of the Country’s Wealth,” by Alex Tanzi, Yahoo!Finance “Most don’t work anymore, but Americans age 70 and older have seen their share of collective wealth surge during the pandemic. As a group, these older baby boomers have accumulated more than $14 trillion in additional net worth since the end 2019, based on Federal Reserve data. Their share of the country’s wealth has jumped to a record 30% last quarter, even though they account for 11% of the population.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Our new report
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“Aging Into Uncertainty: How will we navigate the looming long-term care crisis?,” by Melissa Bova, Advisor Magazine “The impact of the long-term care issue extends beyond individual households, affecting communities and placing strain on public resources. As a nation, acknowledging the urgency of this problem is the first step toward fostering a society that values the well-being of its aging citizens and ensures access to the necessary care and support. As individuals, older populations are struggling with the costs of long-term care, and the younger generation is grappling with how to support aging parents and, therefore, considering what will happen
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“U.S. Long-Term Care Insurance Users Average $1.4M in Household Wealth: Study,” by Allison Bell, ThinkAdvisor “For long-term care insurance users ages 85 and older, the median level of household wealth was $504,000 and the average level of wealth was $881,000. The wealth figures included the value of the insureds’ homes. Jonathan Gruber, an MIT economist, and Kathleen McGarry, a Stony Brook University economist, put those long-term care insurance facts and more, based on data from the RAND-HRS and Health Retirement Study, in a new working paper about how the United States pays for long-term care for older Americans.” LTC Comment, Stephen A. Moses, President,
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“The Own Your Future LTSS Funding and Services Initiative: Options to Increase Access to Long-Term Care Financing, Services, and Supports in Minnesota,” prepared by FTI Consulting, Inc, Actuarial Research Corporation, and the Altarum Institute, for the Minnesota Department of Human Services Aging and Disability Services Administration “In partnership with Own Your Future, a DHS Adult and Aging Services Division (AASD) initiative, FTI Consulting, Altarum Institute, and Actuarial Research Corporation, facilitated a stakeholder engagement process to solicit recommendations to transform LTSS access and identify funding options. … The recommendations developed through the stakeholder process include the following: 1. Care Navigation &
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“State Medicaid expenses to grow as federal dollars wane in FY 2024,” by Adam Healy, McKnight’s Home Care “As the federal government sunsets pandemic-spurred Medicaid funding, states will be expected to foot the bill to keep Medicaid long-term services and supports (LTSS), which include home- and community-based services (HCBS), afloat. An increase in the Federal Medical Assistance Percentage (FMAP), which provided enhanced federal Medicaid funding for states, is set to phase out next month as part of the Consolidated Appropriations Act of 2023. To make up for these lost funds, state Medicaid spending is projected to increase by more than 17%
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“A Long-Term Solution To America’s Long-Term Care Crisis,” by Sally Pipes, Forbes “Indeed, Medicaid has become such a major source of long-term care coverage that middle-income and even some wealthy Americans rely on the program to support them in their twilight years. … It is precisely this perverse incentive that Stephen A. Moses outlined in his 2022 Paragon Health Institute paper ‘Long-Term Care: The Problem.’ Moses, one of the nation’s leading experts in long-term care, determined that access to Medicaid and other publicly-funded safety nets ‘discourages responsible [long-term care] planning when people are still young, healthy, and affluent enough to
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“10 Things You Should Know About Long-Term Care Insurance,” by David Rodeck, Kiplinger “While Medicaid can pay for long-term care, it generally only kicks in after you’ve spent down virtually all of your assets. Before then, you typically have three options.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: This “fallacy of impoverishment” shows up in almost every article about LTC financing. We explain why that happens; we refute the conventional wisdom; we show how this mistaken notion is at the root of everything that is wrong with long-term care; and we propose a solution in
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“Brian Blase Discusses Affordable Care Act Enrollment,” by C-SPAN Washington Journal “Paragon Health Institute President Brian Blase discusses enrollment on the Affordable Care Act as the 2024 sign-up period begins and new research on the shortcomings of the ACA exchanges.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: If, like me, you’re confounded by the complexity, cost, and perverse incentives of the ACA (aka ObamaCare), watch this 45-minute interview with Brian Blase, president of the Paragon Health Institute, which recently published our papers titled “Long-Term Care: The Problem” and “Long-Term Care: The Solution.” Brian clearly and
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“Does It Make Sense to Self-Fund Long-Term Care Expense?,” by Margie Barrie, ThinkAdvisor “Planning ahead by buying a long-term care policy means your client doesn’t have to worry about which accounts to spend down and which to preserve, or about the capital gains implications.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Click through for additional considerations.     Subscribe to GoldenCare News  
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“Why long-term care in America is a long-term problem,” by Patrice Hirsch Feinstein and Tara D. Sonenshine, The Hill “A person turning 65 today, according to the Department of Health and Human Services, has almost a 70 percent chance of needing some type of long-term care services and support in their remaining years. The gap between those needing services and those able to pay for or qualify for Medicaid or some Veterans Administration long-term care services is enormous.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: This vacuous article repeats all the clichés about LTC services and financing,
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