Aging Parents

Long term care insurance was sold aggressively in the 1980s, 90s and thereafter to offset the costs of seniors needing to live in a nursing home, assisted living or needing at home health care.

The Medicaid program is designed to help pay for that staggering cost. However, before a couple can be eligible, the rules require that the assets of both spouses are counted to pay for the care of one, even if only one spouse needs the care.

The golden years are turning into bankruptcy red for many retired and aging Americans. While medical advances are keeping seniors alive longer, the associated healthcare costs in the quest for longevity are being off-loaded onto the older individual at a time when reduced income is a hallmark of senior living.

The traditional senior housing market is undergoing a profound change. In 2018 senior housing occupancy fell to an eight-year low, even as the senior population continues to increase, as competition for the younger baby boomer market is ramping up and forcing a change to more traditional independent and assisted living options.

Jerry’s mother Jane decided, on her own, that it was time to move into an assisted-living facility. Jane’s arthritis had worsened to the point where she couldn’t dress, she struggled to get in and out of the shower, and she was lonely living by herself.

Senior living faces many issues. Solutions to these problems are consistently being discussed by the government and other stakeholders. However, many of these issues are difficult and costly to solve. For example, staffing and regulation of facilities are problems consistently faced by senior living. Fraud and abuse are also issues that seem to plague this industry. Let’s take a closer look at these issues.