We’ve all seen the articles in Forbes, Kiplingers, or U.S. News trumpeting the best states to live in retirement. A key measure for them all: Low taxes. What you may not know is that states actively compete with one another to provide tax breaks to older residents—especially to wealthy seniors. This competiton is similar to the way states use tax [...]
Private long-term care insurance can be an important tool to protect against the risk of needing costly personal assistance in old age. But two respected financial economists conclude it is very expensive relative to the benefits it provides and may not be appropriate for many buyers. At the same time, a new consumer brief from the Society of Actuaries suggests how much wealth you should have for coverage to make sense. The research paper from economists [...]
Want to see the future of adult day programs for the frail elderly and adults with disabilities? Just watch what is happening in California, where 26,000 participants and the centers that care for them are struggling to manage state budget cuts and huge uncertainty. Adult day programs can be a key support for the frail elderly or other adults with [...]
Government funding for programs to support aging in place was still growing through 2008, but much more slowly than in the past. At the same time, states were making it harder to enroll, limiting benefits, and forcing people to wait longer before they could participate in these programs. And all that was happening before Medicaid home care faced major budget cuts in the face [...]
This week’s failure of the deficit super committee may have saved Medicare and Medicaid from spending reductions for now, but don’t kid yourself: These programs remain squarely in the fiscal bulls-eye. As part of last August’s deal to extend the federal debt limit, Congress agreed that if the super committee was unable to reduce the deficit by $1.2 trillion over [...]
Yesterday, I joined three of the most creative thinkers in the long-term care policy world to discuss the future of personal care services for the elderly and disabled in an era of shrinking government resources. My fellow panelists at the event, sponsored by The Urban Institute, were Robyn Stone, author of Long-Term Care for the Elderly and senior vice president for research at Leading Age, [...]
On Tuesday, Nov 8, I'll be moderating an important discussion on the future long-term care in an era of shrinking government. My fellow panelists will be Robyn Stone, author of Long-Term Care for the Elderly and senior vice president for research for LeadingAge, a trade group that represents non-profit providers ; Len Fishman, the CEO of Hebrew Senior Life, an innovative senior services provider in Boston, [...]
The Metlife Mature Market Institute has released its annual survey of the cost of long-term care services, including nursing homes, assisted living facilities, adult day programs, and home care. And the news is not good. On average, provider costs rose far faster than the rate of inflation. The only exceptions were home care services, where costs were unchanged from 2010 [...]
After spending 19 months trying to figure out how to make the Community Living Assistance Services and Supports (CLASS) Act work, the Obama Administration has abandoned the landmark national long-term care insurance program that was included in the 2010 health reform law. But it was easier for the Administration and vocal GOP critics of the program to kill CLASS than [...]
Skilled nursing facilities whose patients are too frequently admitted to the hospital would face stiff new penalties according to the deficit reduction plan proposed by President Obama on Sept. 20. These admissions are often caused by falls, infections, or poor medication management. Overall, as part of a broad deficit reduction plan, Obama would cut more than $300 billion from projected [...]