“Great moments in unintended LTC consequences,” by Stephen A. Moses, McKnight’s LTC News Quote: “The year: 1965. The problem: People are living longer, dying slower and in desperate need of more long-term care. The solution: Provide Medicaid-financed nursing home care covering room and board as well as custodial and skilled care for anyone who can’t afford it otherwise and with no limit, for the first 15 years, on transferring assets to qualify. “Sounds like a great idea with the best of intentions. What could possibly go wrong?”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Click
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“Michael Gorzynski Now Controls a Long-Term Care Insurer,” by Allison Bell, ThinkAdvisor Quote: “HC2 Holdings — a conglomerate that owns a wide range of companies — has succeeded at selling a long-term care insurance (LTCI) business. The firm announced Wednesday that it sold the business, Continental Insurance Group Ltd., to MG Capital Management Ltd. for $65 million in cash and about $25 million in Continental Insurance assets. … LTCI issuers have a reputation for being difficult to sell. MG Capital’s acquisition of Continental Insurance, for cash, could break the ice and lead to other LTCI issuer deals.”   LTC Comment, Stephen A.
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“Gen Xers, millennials have less saved for retirement than previous generations: survey,” by Kathleen Steele Gaivin, McKnight’s Senior Living Quote: “A national survey finds that members of Generation X (those born between 1965 and 1981) and millennials (born between 1981 and 1996) are more worried about retirement than the previous generations. Members of those two generations especially are concerned about their retirement security in the wake of the COVID-19 pandemic, according to the National Institute on Retirement Security. They were much more likely to spend down their ‘rainy day’ funds during the public health emergency, results show. … According to the
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“California Makes It Easier for Low-Income Residents to Get and Keep Free Health Coverage,” by Rachel Bluth, Kaiser Health News Quote: “A provision in California’s newly approved state budget will eliminate the asset test for the 2 million Californians enrolled in both Medi-Cal and Medicare, the federal health insurance program for people 65 and older and people under 65 with certain disabilities. Instead, their financial eligibility will be based solely on income, as it is for the millions of other people in Medi-Cal. … The 2021-22 state budget deal includes several provisions that will make it easier to get on
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“Senate Democrats’ Plan Boosts Spending on Medicare, ACA Subsidies, Long-Term Care,” by Michael McAuliff, Kaiser Health News Quote: “Expanding so-called home- and community-based services for long-term care for seniors and people with disabilities would likely be based on Biden’s recent $400 billion proposal. Again, the duration and scope of the spending are debatable, but it would likely look something like a bill offered late last month by Sens. Bob Casey (D-Pa.) and Ron Wyden (D-Ore.), the chairs, respectively, of the Special Committee on Aging and the Finance Committee, as well as other lawmakers.”   LTC Comment, Stephen A. Moses, President, Center for
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“Aging population to hit U.S. economy like a ‘ton of bricks’ -U.S. commerce secretary,” by Andrea Shalal, Reuter’s Quote: “President Joe Biden does not yet have enough support from fellow Democrats to secure $400 billion in spending for at-home care for the elderly and disabled that the economy desperately needs, Commerce Secretary Gina Raimondo told Reuters on Monday. Raimondo, who is paying for round-the-clock care for her own 90-year-old mother, said America’s aging demographics were going to hit the country ‘like a ton of bricks’ without increased federal aid, and warned the current situation was ‘untenable.’”   LTC Comment, Stephen
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“How Might the FDA’s Approval of a New Alzheimer’s Drug Impact Medicaid?,” by Rachel Dolan and Elizabeth Williams, Kaiser Family Foundation Quote: “The recent approval of Aduhelm (aducanumab), which treats Alzheimer’s disease and carries an expected annual price tag of $56,000, has brought increased attention to high-cost drugs approved through the FDA’s accelerated approval pathway. While Medicare and its beneficiaries likely will be most impacted by the costs of the drug, as Alzheimer’s disease is most prevalent among older adults, the drug approval also has implications for Medicaid spending. Medicaid covers more than 80 million people, including many older adults who have not yet reached the age of
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“The Haddits have left the building,” by John O’Connor, McKnight’s LTC News Quote: “We’re seeing some unusual developments as long-term care recovers. One is that many employees seem to be embracing a different general outlook. And not different in an all-is-well kind of way. More like different in an “I’ve had it” kind of way. And how, exactly, have they had it? Let us count just some of the ways: They’ve had it with a facility so consistently messed up. They’ve had it with crappy equipment and screwy work schedules. They’ve had it with me-first managers and practicing politicians masquerading
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“’Some Hope Is Better Than Having No Hope’,” by Pam Belluck, The Daily Quote: “When the F.D.A. approved the drug Aduhelm, the first Alzheimer’s treatment to receive the agency’s endorsement in almost two decades, it gave hope to many. But the decision was contentious; some experts say there’s not enough evidence that the treatment can address cognitive symptoms. What is the story behind this new drug?”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: This podcast comes highly recommended by Center friend and supporter Honey Leveen, the “Queen of LTCI.”           Subscribe
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“Employers Must Collect Employee Premiums under the New “Washington Cares” Program Starting 1/2022; Employee Window to Obtain Alternate Coverage Closes on 11/2021,” JDSupra   Quote: “Is there a cap on either the employee premium or the benefits an employee can receive?  Notably, there is no cap on the employee premium collected.  Thus, highly compensated employees will contribute more to the Fund based on their earnings, yet they will only be eligible to receive the same lifetime benefit of $36,500, indexed for inflation, as all other employees.  Employers may want to flag this feature of the law to their employees, especially
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