Senate Looks Into the Cost of Assisted Living and Its Burden on American Families

While the federal government has little authority and oversight of the assisted living and long term care industry, each state has laws, rules and regulations that do apply. Will this change? A U.S. Senate committee on Thursday has launched an examination of assisted living, holding its first hearing in two decades on the industry as leaders of both parties expressed concern about the high cost and mixed quality of the long-term care facilities.

Senate leaders of the Senate Special Committee on Aging, on both sides of the isle, said ‘their inquiry is aimed at detailing the financial practices and quality levels in the industry so that consumers would be better able to choose facilities.’ And yet they continue to avoid taking a more direct role in regulating the sector, such as by setting federal standards for staffing levels and how workers are trained. Chairman of the Special Committee Sen. Bob Casey, a Pennsylvania Democrat said “I want to know more about what people are paying for assisted living and to have people tell their stories,” Casey said. “We want to hear from you about the true cost of assisted living and understand whether families have the information — the information that they need — to make this difficult financial and health care decision for a family member and for the family.” And he asked families to submit their bills to aid in the inquiry.

Visit Share Your Assisted Living Story to participate.

Report: In 2023 Bankruptcies In Healthcare Soar to Highest Level In 5 Years

Senior Care Companies & Pharmaceutical Companies make up nearly half of the list.

Healthcare company bankruptcies soared in 2023 to their highest level in the last five years, according to a report released Thursday by Gibbins Advisors. The advisory firm's report, which looked at Chapter 11 bankruptcy case filings from 2019 to 2023, found 79 healthcare companies with more than $10 million in liabilities filed for bankruptcy protection last year. Pharmaceutical and senior care companies made up nearly half of the list. The next-highest year for bankruptcies was 2019, when 51 companies filed for protection.

What about this year ? “Based on our knowledge of the market we expect to see senior care bankruptcies return in 2024” - Tyler Brasher, Director at Gibbins Advisors

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Advance Directives - Not Medical But For Driving?

-From KFF Health News

Preparing to Hang Up the Car Keys as We Age

Lewis Morgenstern has made up his mind. When he turns 65 in four years, he’s going to sign an advance directive for driving.

The directive will say that when his children want him to stop getting behind the wheel, Morgenstern will follow their advice. His wife, 59, intends to sign a similar document at 65.

Morgenstern has given a lot of thought to the often-divisive issue of when to stop driving. He co-authored a recent article in the Journal of the American Geriatrics Society that found 61% of older adults with cognitive impairment continued to drive even though 36% of their caregivers were concerned about their performance.

If you have or may soon have to consider the subject of “Hanging Up (Or Handing Over) the Car Keys”, you should read the entire article. It has made me give it some serious thought.

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