Democratic New York Rep. Tom Suozzi said Tuesday that the country’s aging population had a catastrophic brewing and he wanted to do something about it.
Suozzi, along with Republican Rep. John Moolenaar, introduced the “Welfare insurance for seniors, for seniors to become families” on Tuesday, which aims to help more and more seniors in the country get long-term home care insurance.
“Currently, 10,000 Americans are over 65 per day,” Suozzi also noted that at present, only about 4% of senior citizens are covered by long-term care insurance.
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“One of the main reasons people become homeless – the new homeless – is already 80 years old because many people become poor with age and they face the so-called “cannot perform activities of daily life.” “At present, few people have long-term care insurance and people will end up in nursing homes. Not only can nursing homes not handle this number of people, but the Medicaid system will go bankrupt, and in the United States, two-thirds of people in nursing homes can also pay Medicaid with Medicaid.”
(Democratic New York Rep. Tom Suozzi said Tuesday there is a disaster in the country’s aging population and he wants to do something about it.)
In addition to the growth of the elderly population in the United States, Suozzi also cites social factors that make it harder for older people and disabled older people to get the home care they need. One fact is that Americans have fewer children, so fewer parents with older or disabled children. Another fact is that children increasingly move to other parts of the country, away from their parents, once again increasing the burden on older people to figure things out on their own.
“Because of the baby boomers, there are few kids who can take care of them, and the living kids don’t necessarily live where their parents live. So we already have this big perfect storm brew, and Medicaid will never solve that,” Suoozzi said. “There are nursing homes – there aren’t enough nursing homes. There aren’t enough money to pay for nursing homes for all of these people. So my legislation is intended to encourage the private sector to create affordable long-term care insurance.”
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In five years, 6,000 Americans will turn 85 every day. (iStock)
Famous for its acronyms, new bills for Wish, Suozzi and Moolenaar, it aims to create a federal “disastrous care fund” that will help cover some of the cost burdens of long-term care. The aim is to encourage private insurers to develop and sell affordable and accessible long-term care insurance, overtime, and they have stopped providing more extensively. The reason is that it is not profitable enough for them, Suozzi said, because most seniors with long-term care insurance exceed their life expectancy terms and therefore pay a lot of money for the insurance company.
Suozzi likens his new plan to Medicare B Part, another similar cost-sharing program that prompts insurance companies to incentivize clients to participate. Depending on each person’s income level, seniors will be able to benefit from the newly created funds.
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Democratic lawmakers point out how the Wish Act will help reduce the cost burden on federal health care programs such as Medicare and Medicaid, which can help pay for funds. He also suggested a payment plan involving joint income tax for employees and employers, but Suozzi noted that the plan is unlikely to receive GOP support. Another potential payment method for the new long-term care fund may stem from social security reforms, the MP added.
Suozzi launched “Welfare Insurance for Seniors” on Tuesday, a bill designed to help increasingly older people in the country get long-term home care insurance. (Mary Altaffer/AP photo)
In addition to the “perfect storm” brewed for older people, the second storm is now brewing on Capitol Hill, on how to fund the federal government. Republicans are stepping up reconciliation efforts and as part of the framework they are looking for about $800 billion in Medicaid cuts. While the Wish Act could help reduce the necessary cuts during the settlement, Suz said he was worried that it was too tight to get enough members of parliament to join the ship.
“I think there is an argument to say that if we can prove that it would be a huge savings from Medicaid now,” Suozzi told reporters. “I think it’s getting people to educate this issue, making more people interested in this issue the whole semester and having senior advocacy groups and private insurance companies advocate on behalf of the idea. So it doesn’t happen on its own. It has to be part of a bigger thing, but I think until we educate the level of seriousness of this issue.”
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