“Thousands of nursing home patients nationwide affected by NJ company’s financial trouble,” by Lindy Washburn, northjersey.com Quote: “A Wood-Ridge-based company that owns or operates more than 100 nursing homes around the country has failed to make payroll in Nebraska and Kansas, leading regulators to take over 36 homes serving thousands of patients. Skyline Health Care, LLC, in Wood-Ridge, owned by Joseph Schwartz, is the parent company for those nursing homes and others in Arkansas, South Dakota, Tennessee, Pennsylvania, Massachusetts, and Florida.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Expect more stories like this. Then you’re
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“No Spend Down,” by Stephen D. Forman, LTCA Weekly Reader Quote: “The Employee Benefit Research Institute (EBRI) always publishes high-quality research. In their latest study they find that retirees do a poor job of asset decumulation. Those with few assets (who enter retirement with median assets of $31,740) still have $24,000 eighteen years later, a parsimony which is ‘not irrational,’ according to the authors. But even when assets are plentiful upon retirement (a median of $857,450), eighteen years later this group still maintains a healthy bank account worth $763,900. In short, EBRI finds that retirees spend their income (what comes
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“Couples in retirement face average health care costs of $280,000, Fidelity estimates,” by Adam Shell, USA Today Quote: “Fidelity estimates it will cost a couple $280,000 to cover their health care costs in retirement, up 2% from last year and 75% since its 2002 estimate of $160,000. The math assumes a couple retires at 65 and is eligible for Medicare. The cost for care for males in retirement is an estimated $133,000, while the tab for women, who tend to live longer than men, is $147,000.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Annual update
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“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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