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Democrat New York State Rep. Tom Suzzi said Tuesday that a catastrophe is being brewed due to the country’s aging population, and he wants to do something about it.
Alongside Republican Rep. John Mourenard, Suzzi introduced “happiness insurance for seniors to stay home” on Tuesday.
“Currently, 10,000 Americans are now 65 years old every day,” Suzzi told reporters at a press conference Tuesday, and five years later, 6,000 Americans will turn 85 every day. Suozzi also noted that currently only about 4% of seniors are covered by long-term care insurance.
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“The new homeless people – one of the main causes of people becoming homeless – are turning 80 because as many people get older they become poor and face what they call “unable to do daily life activities,” Szzi said. “And now, very few people have long-term care insurance. People are going to enter nursing homes. And not only does nursing homes handle this amount of people, the Medicaid system will be destroyed, and two-thirds of Americans in nursing homes will be paid in Medicaid.”
(Democrat New York State Rep. Tom Suzzi said on Tuesday that there is a catastrophe due to the country’s aging population, and he wants to do something about it.)
Suozzi cites social factors in addition to the increasingly elderly population in the United States, making it difficult for older adults and disabled people to receive the home care they need. One is the fact that Americans are giving birth to children, so there are fewer children out there to care for aged or disabled parents. The other is the fact that children are increasingly moving away from their parents to other parts of the country, increasing the burden of seniors to understand things on their own.
“Baby boomers, there are few children who can take care of them, and the living children are not always living with their parents, so there are a lot of people who are now elderly. So there’s this big, perfect storm brewing and Medicaid can’t solve this problem.” “And nursing homes – nursing homes aren’t enough. I don’t have enough money to pay nursing homes for all these people. So my law is designed to encourage the private sector to create affordable long-term care insurance.”
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Five years later, 6,000 Americans will turn 85 every day. (istock)
Known for its acronyms, Wish, Suozzi and Mouenard’s new bills, it seeks to create a federal “devastating care fund” that will help cover some of the cost security for long-term care. The goal is to encourage private insurance companies to develop and sell affordable, accessible long-term care insurance. Suozzi said that the reason for this was that most seniors with long-term care insurance had billed a lot of money in large quantities, as they spent the expected living conditions and expenses, so they weren’t profitable enough for them.
Suozzi has developed a new plan for Medicare Part B, another similar cost sharing program that encouraged insurance companies to encourage customers to register. Elderly people will be able to benefit from the newly created fund on a tiered basis according to each person’s income level.
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Democrats pointed out how Hope Act can help reduce the cost burden of federal health programs such as Medicare and Medicaid. He also proposed a payment plan that includes an increase in income tax shared by both employees and employers, but Suozzi noted that the plan is unlikely to require GOP support. Another potential payment option for the new long-term care fund could be attributed to things from reform to social security, lawmakers added.
Suozzi introduced “benefit insurance for seniors to stay at home” on Tuesday. (Mary Altafer/AP photo)
In addition to the “perfect storm” being brewed for seniors, a second storm is currently being brewed on Capitol Hill in terms of how to fund the federal government. Republicans are stepping up their reconciliation efforts, and as part of that framework, they are looking for around $800 billion in Medicaid cuts. The hope law could help reduce the amount of cuts needed during the settlement, but Suzzi said he feared that the windows would be too tense and would have enough lawmakers on board.
“I think there’s a debate that it can get in there, if we can show that it’s a huge savings for Medicaid in the meantime,” Suzzi told reporters. “I think this is taking the full period of time to educate people on the issue, get more people interested in the issue, and get senior advocacy groups and private insurance companies to advocate on behalf of this idea, so it doesn’t have to happen on its own.
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