Suozzi Introduces One-of-a-Kind Bipartisan Bill to Address Senior Long Term Care Crisis

Washington, D.C.— Congressman Suozzi (D-NY) introduced bipartisan legislation with Congressman Moolenaar (R-MI) to creatively address America’s growing long term care crisis.

 

The Well-Being Insurance for Seniors to be at Home (WISH) Act would create a federal catastrophic long term care insurance program that provides financial support for disabled seniors while fostering a more vibrant private sector insurance market.

 

“When I was growing up, all four of my grandparents lived at our home. Three of them were very sick. My mother was a nurse, and we all helped to take care of them. Everyone has a personal story with a grandparent or a family member that needs help as they age” said Suozzi. “Right now, our country is facing a looming long-term care crisis. 10,000 Americans turn 65 every day; in five years, 6,500 seniors will turn 80 every day. Medicaid and nursing homes are already overburdened, and seniors have no other affordable options to pay for the care that they will need. We need to handle this problem before it becomes a crisis, and I believe a federal catastrophic long-term care insurance program coupled with a robust private sector insurance market is the way to do that.”

“Michigan seniors deserve to have more affordable options for their long-term care services, including home-based care. Unfortunately, too many faced with the need for long-term care are uninsured or unable to afford these necessary services, driving them to use their life savings or being placed on Medicaid. The WISH Act is a commonsense bipartisan proposal to assist those in need of long-term care by providing seniors with access to more affordable insurance options that would allow them to remain at home,” said Moolenaar.

After an elimination period of 1-5 years based on income, during which Americans would be expected to cover their own care through private insurance or otherwise, disabled seniors would receive a monthly benefit from the federal government to assist with long-term care costs. This proposal will incentivize private insurers to offer more affordable products and increase public awareness of the need to plan for long-term care costs before elderly individuals become disabled. This program will also reduce seniors’ need to spend down assets and qualify for Medicaid to afford care. By doing so, significant Medicaid savings would be created.

 

The WISH Act has been supported by the National Council on Aging, American Geriatric Society, American Academy of Physicians, American College of Physicians, National Alliance for Caregiving, Genworth Financial, and many industry experts.

 

“Older adults deserve access to affordable care at home. At the National Council on Aging, we hear stories every day of families devastated by the staggering costs of long-term care. Many caregivers must deplete their life savings or leave the workforce to care for family members. We applaud Congressmen Tom Suozzi and John Moolenaar for taking this first step in giving our nation’s families the support they deserve. We look forward to working with them to enact the WISH Act.,” said Ramsey Alwin, President & CEO of the National Council on Aging.

“Our country is rapidly aging–by 2040, adults 65 years and older will comprise nearly a quarter of the population. Right now, most adults, research shows, could not afford to cover a year or more of care in a nursing home or for a year’s worth of service provided by a paid nurse or aide. America’s current patchwork approach to long term care financing and delivery is unsustainable. We’ve long urged policymakers to recognize these realities, and provide critical, much-needed support. Mr. Suozzi’s legislation, The WISH Act, which would create a federal catastrophic long-term care insurance program, is a smart solution that would help pay for the supports that ensure quality of life as we grow older,” said Katie Smith Sloan, President and CEO of LeadingAge.

 

“On behalf of the American College of Physicians (ACP), I am pleased to offer our support for

the Well-Being Insurance for Seniors to be at Home (WISH) Act. The WISH Act would

establish a long-term care insurance system for older Americans—allowing older adults to

age at home if they prefer….The number of Americans aged 65 years or older is expected to grow from 56 million in 2020 to 73 million in 2030, roughly 20% of the U.S. population...We commend you for introducing the WISH Act to help address the complex issue of

financing long-term care for America’s older adults,” said Isaac Opole, President of the American College of Physicians.

 

“The American Geriatrics Society (AGS) is pleased to support the Well-Being Insurance for Seniors to be at Home (WISH) Act, a bill to create federal catastrophic long-term care insurance for older adults. We greatly appreciate (Congressman Suozzi’s) leadership in addressing the cost challenges of long-term care. As geriatrics healthcare professionals, our members help their patients and their patients’ families navigate the long-term care system on a daily basis. There is no doubt a huge gap in care for most patients when it comes to the provision of and access to long-term care,” said Nancy E. Lundebjerg, CEO of the American Geriatrics Society.

 

"Almost no one can provide for their own risks of disability in old age. One in seven of us will need around-the-clock personal care for more than 5 years - and the vast majority cannot simply save for those costs. We need federal long-term care insurance to help cover the costs for long periods of long term care! The WISH Act would save so many families from the devastating costs of eldercare and would save all states from much of the costs of Medicaid for those among us who would otherwise become utterly impoverished,” said Dr. Joanne Lynn, Eldercare Advocate, Professor, and Author.

 

“For more than 30 years researchers and policymakers have been stymied trying to address the long-term care financing challenge.  Along comes US. Congressman Suozzi who presents a bold, thoughtful, and creative solution to the problem that will help address the needs of our growing older adult population, offer relief to states, who have been facing significant increases in their Medicaid budgets, and deliver financial support to long-term care providers, who have been trying to give high quality care in an underfunded system.  The problem is urgent, and this practical, targeted solution is worthy of Congressional consideration and support by all who want to solve this growing problem,” said Dr. Marc A. Cohen, Professor of Gerontology and Co-Director of the LeadingAge LTSS Center at the University of Massachusetts Boston.

 

“Genworth and CareScout have long believed that public-private collaboration is the answer to our national long-term care funding crisis. The reintroduction of the WISH Act is a solid step towards an effective combination of public and private sector solutions to help more people understand and plan for the cost of long-term care supports and services (“LTSS”). As this proposal continues to evolve, we look forward to engaging further with all stakeholders within the LTSS ecosystem to find meaningful, practical funding solutions that empower Americans to navigate the aging journey with confidence,” said Tom McInerney, CEO of Genworth Financial.

 

“The National Association of Insurance and Financial Advisors (NAIFA) appreciates Representative Suozzi’s leadership in proposing legislation to address the need for catastrophic long-term care insurance. We look forward to continuing to discuss public-private options to finance caregiving and long-term care expenses,” said a spokesperson for the National Association of Insurance and Financial Advisors.

 

Congressman Suozzi will also hold a conference on the WISH Act in early April to bring stakeholders together on this important issue.

 

“We have a storm coming in this country. Spending down your assets and living in poverty on Medicaid is no way to end a life,” said Suozzi. “Seniors deserve to age in dignity and at home with the care they need, and the WISH Act can make that happen.”

 

Information on the bill can be found here or here.

 

Full bill text can be found here.