“Chasing millions in Medicaid dollars, hospitals buy up nursing homes,” by Phil Galewitz, Kaiser Health News “Nearly 90 percent of Indiana’s 554 nursing homes have been leased or sold to county hospitals in the past 14 years, state records show, bringing in hundreds of millions in extra federal payments to the state. Even though Indiana’s nursing home population has remained steady at about 39,000 people over the past five years, Medicaid spending for the homes has increased by $900 million, to $2.2 billion in 2016, according to state data. Today, more than two-thirds of Indiana’s Medicaid long-term care dollars go to nursing homes.
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“Medicare Advantage 2018 Data Spotlight: First Look,” by Gretchen Jacobson, Anthony Damico, and Tricia Neuman, KFF.org “More than 19 million Medicare beneficiaries (33%) are enrolled in Medicare Advantage plans in 2017, which are offered as an alternative to the traditional Medicare program.  This first look at the Medicare Advantage plans available for 2018 analyzes publicly available data to review the Medicare Advantage plans offered during the Medicare Open Enrollment period. It describes the Medicare Advantage plan choices and availability, and how these have changed over time.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Click to
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“Wringing Cash From Life Insurance,” by Paula Span, New York Times “If a life-settlement company likes its odds of turning a profit, it will buy the policy, paying out more than the policy’s cash value — the amount received if the policy were canceled — but less than the face value, or death benefit. The firm acquires the policy and continues paying the premiums. Then the company (or a big investor who buys bundles of policies) collects when the seller dies. It’s something like a reverse mortgage, but on your life instead of your house.” LTC Comment (from Stephen A.
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“Social Security Giveth, Medical Costs Taketh Away,” by Michelle Andrews, Kaiser Health News “Retirees spent on average more than a third of their Social Security benefits on out-of-pocket medical costs in 2014, according to a recent study. Even after factoring in other sources of income, medical spending still took a substantial 18 percent bite out of seniors’ total retirement income, the study found. “In dollar terms, the typical retiree spent $4,274 per year on medical costs, not including long-term care. Insurance premiums accounted for about two-thirds of that total, according to the study, published this month by the Center for Retirement
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“Medicare Advantage star ratings show insurers’ performance hasn’t improved,” by Maria Castellucci, Modern HealthCare “The CMS said about 44% of the 384 active Medicare Advantage contracts in 2018 that also have Part D prescription drug coverage earned 4 stars or higher for their overall rating. This is a drop from 2017 when about 49% of the 363 active Medicare Advantage plans earned 4 stars or higher. Although the overall number of 4-star or high plans dropped slightly, more beneficiaries will be covered by the highest performing Medicare Advantage plans in 2018, the CMS said. Nearly 73% of Medicare Advantage enrollees
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“Health, nursing home quality make Colorado ‘Best State for Aging’,” by Lois A. Bowers, McKnight’s Senior Living “High-quality nursing homes and a healthy senior citizen population put Colorado on top of U.S. News & World Report’s ‘Best States for Aging’ ranking, the magazine said. Alaska came in last on the list. Maine, in second place, and Hawaii, in third, ranked where they did because of their strong Medicare programs and the high life expectancy of their residents, according to U.S. News. Iowa and South Dakota rounded out the top five. . . . See all of the rankings here and
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“Majority of Americans believe health insurance or Medicare will pay for long-term care,” by OneAmerica, Advisor Magazine “A recent survey conducted online by Harris Poll on behalf of OneAmerica® asked adults how they would pay for assistance with daily living due to illness or injury, either in-home or in a care facility, for an extended period of time (i.e., longer than 90 days). More than half (55%) said they’d use Medicare or health insurance, even though in most cases, neither will pay for long-term assistance with daily activities. In the survey of 2,065 U.S. adults age 18 and older1, those ages
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“Start planning now to care for elderly parents,” by Chris Taylor, Reuters “Experts agree that it is important to start thinking about caregiving costs now. Waiting too long means you cannot stockpile resources, take out affordable insurance policies or plan ahead for a thoughtful drawdown of assets.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): OK, but the advice this column offers, specifically look to home equity, plan for Medicaid and buy LTC insurance are logically contradictory. People don’t use home equity to fund quality LTC, because Medicaid exempts it, thus savaging demand for LTC insurance.
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