“Private equity sets sights on home care, hospice, new report finds,” by Adam Healy, McKnights Home Care “The home care segment increasingly has become an attractive target for private equity buyers, particularly personal care and hospice, according to the Private Equity Stakeholder Project, a nonprofit financial watchdog organization. … Personal care is a likely target of upcoming PE activity, according to the report. The field is less regulated than medical practices, and generally has lower operational costs due to being dominated by private pay rather than insurance payers. And as the population of older adults in the United States grows,
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“Older adults’ net worth surges following pandemic,” by Kathleen Steele Gaivin, McKnights Senior Living “Home and stock prices have increased substantially since the COVID-19 pandemic, resulting in a $91,000 median increase in net worth between 2019 and 2022 for households headed by someone aged 65 or more years. That’s according to Bloomberg, which cited research from the Federal Reserve Bank of St. Louis that used data from the Fed’s Survey of Consumer Finances.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Trillions of dollars are lying fallow in the U.S. economy that could go to fund better access to higher quality
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“Long-term care rates up 1 to 10 percent: survey,” by Kathleen Steele Gaivin, McKnights Senior Living “Year-over-year rate increases in long-term care ranged from 1% to 10% across setting types, according to the results of Genworth’s Cost of Care Survey 2023, published Tuesday. …The average national rate for a private nursing home room inched up 4.9% to $116,800 a year, which equates to $9,733 per month or $320 per day, in 2023. The rate for a semi-private room rose 4.4% to $104,025 annually, which equals $8,669 per month or $285 per day. The average hourly rate for home health aide services
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“Proposal would add Kentucky to mix of states trying to address long-term care financing,” by Kimberly Bonvissuto, McKnights Senior Living “Senior living provider groups are applauding Kentucky’s proactive approach to helping its residents pay for future long-term care needs with a proposal to form a task force to explore a statewide insurance program. … The task force would be charged with establishing a joint public-private system to make long-term care accessible. Any long-term care insurance program that was part of the system would require mandatory participation but offer an opt-out provision. … Fourteen states — Alaska, California, Colorado, Hawaii, Illinois,
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“Genworth Releases Cost of Care Survey Results for 2023: Twenty Years of Tracking Long-Term Care Costs,” Genworth “The cost of long-term care services increased across all provider types and increased more substantially for certain settings, according to Genworth’s Cost of Care Survey 2023. The most substantial cost increases occurred in home health aide and homemaker services costs. Inflation and the shortage of skilled care workers are the core drivers of increases in the costs of care services.”   LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Congratulation to Genworth for 20 years of being the go-to source
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