Compomise???

Democrats, a more moderate and diverse party, believe in compromise far more than Republicans do. While polls find that six in 10 Democrats regard themselves as moderate or conservative, nearly three-quarters of Republicans say they are conservative. And tea-party Republicans, who loom so large in primaries, are especially averse to giving any ground. Moreover, Democrats still have a positive view of government and regard trade-offs between taxes and spending as a normal part of governing. Republicans care most about reducing government’s size and in cutting taxes. They’re prepared to accept standoffs and crises to reach those goals.

Questions and Answers About Independent Living

By Marlo Sollitto, August 14, 2012 What exactly is Independent Living? Independent Living, also called a retirement community -is for people who are able to live on their own but do not want to maintain a home. Find an Independent Living Community » Independent living is simply any housing arrangement designed exclusively for seniors, generally those aged 55 and over. Housing varies widely, from apartment-style living to free-standing homes. In some, cases, the senior purchases a single-family home, and enjoys the benefits of living in neighborhoods and communities designed to be friendlier to older adults, often more compact, with easier navigation and yard maintenance and housekeeping. Independent living gives elders the chance to participate in community life, pursue activities based entirely on their interests and preferences and dine at restaurants if they don't want to cook. Independent living is for older people looking to connect with peers and enjoy an active lifestyle free from concerns about home ownership, e.g. landscaping, maintenance, security, etc. However, Independent Living does not provide medical care, or nursing staff. A senior can choose to hire home care, if it is needed, but home care is not an included component of Independent Living. What's the difference between Independent Living, Assisted Living and other senior living options? The key difference between Independent Living and other housing options is the level of assistance offered for daily living activities and health care. If your loved one requires round-the-clock help with eating, dressing, and using the toilet, or requires regular medical assistance, other housing options such as assisted living facilities or nursing homes may be a better fit. Practical needs to consider might include: •Transportation. Do they plan to continue driving? What are the options in their area if they need to stop driving at some point? •Finances. Do they have the income to cover their needs, including in-home care if they could use it? •Health care. Do they live near their doctors and a hospital? What do they plan to do if they have a medical problem on the weekend or on a holiday? •Household maintenance. Which tasks can they still handle, and which do they need help with? Who is available -- volunteer or professional -- to help out? •Cognitive ability. Does the elder show any slight signs of dementia? How will the family (and the community staff) know if mom or dad can live safely in Independent Living? The determination depends on the person's ability to manage tasks and activities that are usually necessary in daily life. These tasks include the activities of daily living (ADLs), which refer to basic self-care such as dressing and getting around the house, as well as instrumental activities of daily living (IADLs), which are more mentally complex skills such as managing grocery shopping and finances. Any community you select should conduct a thorough functional assessment before your parent moves in. This in-person assessment can help professionals do the following: •Diagnose and stage cognitive problems, such as Alzheimer's and other forms of dementia •Identify the impact of worsening physical diseases, such as heart failure and COPD •Diagnose delirium, a state of acute mental confusion that can be the only outward sign of a life-threatening illness •Figure out what kinds of services or other assistance an older person needs in order to safely live in Independent Living What if mom or dad needs some help? Does that rule out Independent Living? Needing some extra help doesn't rule out Independent Living – but it will likely up the price. Some elders who live in Independent Living hire in-home care. In-home care options run the gamut from basic services such as housekeeping and meal delivery all the way to daily nurse and medical services. It all depends on the person's ability to manage tasks and activities that are usually necessary in daily life. But extra help does mean more money. In addition to any monthly fees charged by the community, the home care agency will charge its own, separate fees. Some communities even have on-site home care which the elder can hire. What's the cost? The cost of independent-living varies widely, depending on what's offered and where. Options range from small rental units with few extra services, available for $1,500 per month in some states, all the way to retirement communities that offer homes or townhouses to buy for hundreds of thousands of dollars. At any one particular place, the cost may also vary depending on the size of the living unit and the services provided. What's the payment structure? There are two common models for paying for Independent Living. In the first, residents pay a monthly rental fee. That fee may include a package of services, such as meals, housekeeping, transportation, utilities, etc. Or, those services are available on an a la carte basis in addition to the monthly rental fee. Sometimes, seniors can purchase a condo, villa -- or even a single family home with a garage, yard or perhaps a pool -- in a planned community. The community charges a monthly fee, similar to that in a condo community. Again, depending on the community that fee may or may not include services like meals and housekeeping. Does Medicare cover the cost of Independent Living communities? Medicare does not cover the cost of Independent Living. Long-term care insurance with home care benefits can sometimes contribute to overall independent living costs, as can a life insurance policy. But many families have to get creative in using family assets to pay for an independent-living community What happens as mom or dad ages and needs more care? When you start your search, be sure to look into independent-living facilities that are connected to an assisted-living facility, which would allow your loved one to move to a higher level of care (at higher cost) while remaining in a comfortable, familiar setting, if and when independent living isn't possible anymore. What should I look for in an Independent Living community? When you tour the campus, notice what kinds of activities the residents are involved in, and check the walls to see what other recreations are posted. Ask for an opportunity to enjoy a meal on-campus — and spend that time interacting with other residents and asking questions about the menu. If your parent plans to spend a lot of time outside of their home, look at the community areas, game rooms, coffee shop, and fitness center. Find out about emergency medical services, transportation and home care options. Also drive or stroll around the neighborhood where the community is located, to make sure the library, post office, and other establishments are convenient.extunderstanding Senior Housing Options Read more about: independent living transition, parents remaining independent

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Number of High-Income Seniors Increases, But Housing Costs Still Burdensome Erin Hegarty | August 27, 2012 | Comments (0) The number of older people who have high incomes has increased substantially in the past 30 years, but many seniors are still very burdened by housing costs and less than a quarter live in long-term care or community settings, according to the Federal Interagency Forum on Aging Related Statistics. The study, Older Americans 2012: Key Indicators of Well Being, examines the health, finances and well being of the 65+ population by presenting data on 37 critical aspects of aging Americans’ lives in categories including population, economics and health care. While the proportion of older Americans who are considered “high income” increased from 18% to 31% between 1974 and 2010, with middle-income seniors accounting for the biggest proportion at 34%, housing continues to account for the largest proportion of total household expenditures for the aging population. About four in ten seniors spend more than one-third of their expenditures on housing costs, resulting in a “housing burden,” and many also face overcrowded and physically inadequate housing, according to the survey. Unsurprisingly, the use of long-term care services increases with age, but the percentage of total healthcare costs spent on long-term care and skilled nursing facilities by Medicare beneficiaries actually decreased from 20% in 1992 to 2009. The proportion of income spent on long-term care and nursing facilities has also gone down, according to the study. Americans aged 85 and older are the most likely group to use health care outside of their home. The survey reports 14% of seniors aged 85+ live in long-term care facilities and 8% live in community housing offering assistance with daily activities. Only 3% of seniors aged 65-74 live in care facilities. Of the seniors who live in assisted housing, 48% report access to help with medications and 84% reported they had access to meal preparation services. A majority of long-term care and nursing facility residents report access to housekeeping and laundry services. The report also shows that as seniors age, they invest more time in leisure activities, with watching television as the most common activity among seniors surveyed. On the other hand, only 11% of seniors report using leisure time for aerobic or strength building activities. Additionally, the financial stability of the aging population, according to the survey, has led to a decrease in the number of older Americans living in poverty, and the proportion of seniors living off high income has increased from 18% in 1974 to 31% in 2010. Middle income seniors make up the largest economic group at 31%. Check out the full report. Written by Erin Hegarty

The “Village” Model: A Consumer-Driven Approach for Aging in Place Andrew Scharlach, PhD*,1, Carrie Graham, PhD, MGS2 and Amanda Lehning, PhD3 + Author Affiliations 1School of Social Welfare, University of California, Berkeley 2Center for the Advanced Study of Aging Services and Health Research for Action, University of California, Berkeley 3School of Social Work, University of Michigan, Ann Arbor ↵*Address correspondence to Andrew Scharlach. E-mail: scharlach@berkeley.edu Received March 30, 2011. Accepted July 12, 2011. Abstract Purpose of the Study: This study examines the characteristics of the “Village” model, an innovative consumer-driven approach that aims to promote aging in place through a combination of member supports, service referrals, and consumer engagement. Design and Methods: Thirty of 42 fully operational Villages completed 2 surveys. One survey examined Villages’ member characteristics, membership types, and fee structures. An additional survey collected information about organizational mission, goals, methods of operation, funding sources, challenges, and older adults’ roles. Results: Villages provide a variety of support services designed to help members age in place, meet service needs, and promote health and quality of life. Most Villages operate relatively autonomously, relying primarily on member fees and donations. Village members typically are highly involved in organizational development and oversight and provide services to other members in almost half of the Villages. Members predominantly are aged 65 years or older, White, non-Hispanic, homeowners, and have care needs that are slightly lower than those of the elderly U.S. population overall. Implications: Villages are a promising model for addressing service needs among middle-class seniors who seek to age in their own homes and communities. Financial sustainability is apt to be a challenge unless Villages secure more stable sources of funding. Organizational sustainability may be promoted through affiliations with social service agencies and other sources of technical and financial assistance. Future evaluation is needed regarding the impact of Villages on elders’ ability to age in place as well as the long-term sustainability of the Village model. Key words Access to and utilization of services Autonomy and self-efficacy Consumer-directed care Home- and community-based care and services Social capital © The Author 2011. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com

Kaiser Health News reports:

In the healthcare world, skilled nursing facilities are often a stop for elderly patients transitioning home from the hospital, but an emerging “hospital at home” model could eliminate that stop by keeping some chronically ill patients at home the whole time.
Kaiser Health News reports:

“Hospital at home” programs fundamentally refashion care for chronically ill patients who have acute medical problems — testing traditional notions of how services should be delivered when people become seriously ill. Only a handful of such initiatives exist, including the Albuquerque program, run by Presbyterian Healthcare Services, and programs in Portland, Ore., Honolulu, Boise, Idaho, and New Orleans offered through the Veterans Health Administration.
But the concept – which has been adopted in Australia, England, Israel and Canada — is getting attention here with increased pressure from the national health overhaul to improve the quality of medical care and lower costs. Hospital at home programs do both, according to research led by Dr. Bruce Leff, the director of geriatric health services research at Johns Hopkins School of Medicine in Baltimore who pioneered the concept.
In a study of three experimental hospital at home programs published in 2005 in the Annals of Internal Medicine, Leff demonstrated that patient outcomes were similar or better, satisfaction was higher and costs were 32 percent less than for traditional hospitalizations.
“It’s a very successful model and in five years, I think it’s going to be very common. But we’re still in the early adoption phase,” said Mark McClelland, an assistant professor at the Center for Health Care Quality at George Washington University.

Despite McClelland’s expectations, this isn’t a model that health care providers are seeing a lot of—so far, at least, says Greg Crist, vice president of public affairs at the American Health Care Association.
“We’d be hard pressed to see much of a market there because of the complexity of the patients,” Crist says, although he acknowledged there is demand for such a model.
Hospital-at-home models can’t offer the efficiency a skilled nursing center can in terms of having multiple staff available to help residents at various points of need, he says. Additionally, a patient receiving these services at home may eventually need certain medical equipment that’s immediately available at a facility, but would take time to obtain in a home setting.
“Around-the-clock care is very expensive, and even though there are Americans who can afford that, we don’t see that being replicated on a massive scale,” he says.
Read the full Kaiser Health News article.
Written by Alyssa Gerace

Money Follows the Person Program

Funding to help older adults access long-term services and supports at home

The Department of Health and Human Services has announced $25 million in funding to help states strengthen their ability to help seniors and people with disabilities access home and community-based long-term services and supports. Funding will support Aging and Disability Resource Centers in nearly every state. Meanwhile, a new Mathematica Research report shows that the Money Follows the Person Program is 36% below its state target for moving low-income elderly and disabled people from long-term care facilities into the community.

$25 million available to give older adults better access to long-term services and

The Department of Health and Human Services is making $25 million available to give older adults better access to long-term services and supports in their homes and communities.
Aging and Disability Resources Centers will benefit from the funding in the next one to three years under the Affordable Care Act, says HHS Secretary Kathleen Sebelius. The funding will help the centers make it easier for people to learn about and access services available in their area, from home care and social supports for daily living to nursing home care.
“We are pleased to make it easier for Americans to get the care and support they need where they need it,” said Secretary Sebelius. “This opportunity, supported by the new health care law, will help states continue to improve their long-term service and support systems.”
The Veterans’ Health Administration (VHA) is making another $27 million of funding available for similar services to veterans.
The initiative, called the Aging and Disability Resource Center Program, is established through a partnership between the newly-formed Administration for Community Living (ACL), the Centers for Medicare & Medicaid Services, and the Department of Veterans Affairs’ VHA.
State agencies will be better able to administer and coordinate state and federal long-term service and support (LTSS) programs for seniors with the help of the ADRC program, says HHS.
About eight states will compete to participate in accelerating the development of “single entry point models” in the next couple of years. These “one-stop shop” programs will provide one-on-one counseling to consumers weighing their LTSS options.
“Options counseling is an important tool that can provide custom-tailored advice about all the services available in a person’s community, reducing unnecessary time and energy spent searching for answers in a variety of places,” said Kathy Greenlee, ACL’s administrator and assistant secretary of aging.
ACL will provide funding for up to 40 states in the next year to support current ADRC efforts, in addition to whichever eight states are selected to accelerate program development. This will help them develop a “sustainable infrastructure that is critical to ensuring ongoing coordinated access to services,” says HHS.
Written by Alyssa Gerace

What to Say When a Senior Says, “I Just Want to Die.”

By Anne-Marie Botek, April 25, 2012

Text Size: -+

 

It's a statement that caregivers hear all too often from their elderly loved ones: "I can't handle this anymore—I just want to die."
How are you supposed to respond to such a declaration?
Furthermore, how are you supposed to personally cope with the fact that the care you're providing doesn't seem to be enough?
Margaret Sherlock, M.A., Clinical Director of the Behavioral Health Program & Assessment Program Services at the Visiting Nurse Service of New York (VNSNY), offers some advice for caregivers dealing with this difficult situation:

1. Don't ignore it: Sherlock says that the painful emotions surrounding the topic of death can sometimes make caregivers "allergic" to having honest, open dialogues with their elderly loved ones. If your loved one keeps saying that their life is no longer worth living, or that they would be better off dead, Sherlock says that you can help by asking questions to get them thinking about ways they might be able to cope with their situation. Queries like, "Why do you feel that way?" and "What would you like to be different?" can help a senior focus on the facts of a situation, instead of getting caught up in their feelings of pain and helplessness. If your loved one is suffering from Alzheimer's or another form of dementia, they may not respond to these questions. In this case, a caregiver should address the issue of incessant suicidal comments by attempting to distract the senior from their gloomy train of thought by changing the subject to something more pleasant.
2. Set limits: While it's important to know when to talk to your loved one about their feelings, Sherlock emphasizes that it's also vital to know when to stop talking about them. She suggests setting aside some time each day to discuss the tough stuff. That way, difficult dialogues don't pop up out of the blue, which can be emotionally draining. If your loved one tries bringing up the topic ahead of schedule, you can gently remind them that you both agreed to set aside time later on to talk about that issue.
3. Be realistic: As a caregiver, you may feel hesitant about acknowledging that your loved one is near death, but they may be well aware of their condition and want to talk about it. "People with suicidal thoughts want relief from their psychological distress and a caregiver can provide comfort by engaging in mater-of-fact conversations," Sherlock says. While it may be painful, having end-of-life discussions with your terminally ill loved one can help them process their feelings as well as allowing you to make sure that their last wishes are carried out in the way they want them to be.
4. Look out for signs of depression: As always, it's important for a caregiver to be vigilant when it comes to monitoring their loved one for symptoms of depression. Persistent lamentations about wanting to die could be a sign that your loved one is suffering from this mental disorder. According to Sherlock, common symptoms of depression can include: constant feelings of sadness and anxiety, loss of interest in activities that they used to enjoy, sleeping too much or too little, loss of energy, irritability, and loss of appetite.

Sherlock also stresses the importance of taking time for yourself, particularly when you're dealing with a loved one who keeps saying they want to die. A caregiver can become so overwhelmed by their loved one's constant air of doom and gloom that they may end up becoming depressed themselves. She suggests recruiting other family members, or a respite care provider to help you get some time away from your caregiving duties.

Comunity based services VS Nursing Home Care

Most people who use LTS prefer to receive services in the community rather than in a nursing facility, and this desire becomes more prevalent as age increases.
75% of individuals age 45 to 54, and 83% of individuals age 55 to 64 strongly agree or somewhat agree that they wish to remain in their current homes as long as possible; 92% of individuals age 65 to 74 and nearly all (95%) individuals age 75 and over want to do so.14
Among elder and disabled MassHealth members living in the community, as well as among those who are not MassHealth members, there is a desire for more access to home and community-based supports. The ability of elders and people with disabilities to choose community over institutional care is affected by the availability of community options.15
Increasing numbers of Massachusetts elders and people with disabilities receive community-based LTS through MassHealth and through discretionary programs administered by state agencies.16
Approximately 130,000 elders receive services in the community through the Executive Office of Elder Affairs (EOEA) and approximately 100,000 individuals with disabilities receive community services through the Department of Developmental Services (DDS, formerly the Department of Mental Retardation), the Department of Mental Health (DMH), the Massachusetts Rehabilitation Commission (MRC), the Massachusetts Commission for the Blind (MCB), and the Massachusetts Commission for the Deaf and Hard of Hearing (MCDHH).17 Another 30,000 children receive early intervention community-based supports through the Department of Public Health.
Community-based services funded through MassHealth have shown significant increased participation rates over the last decade. The PCA program has more than doubled its participants over the last ten years; in the last five years both Group and Adult Foster Care and Adult Day Health have increased participants by more than a third.
13 Ibid.
14 Bayer, A. & Harper, L. (2000). Fixing to Stay: A National Survey on Housing and Home Modification Issues Research Report. Washington, DC: AARP. Retrieved from assets.aarp.org/rgcenter/il/home_mod.pdf
15 Commonwealth of Massachusetts, The Community First Olmstead Plan (2008). Boston, MA: Author. Retrieved from www.mass.gov/Eeohhs2/docs/press_release_docs/080912_comm_living_options.pdf
16 Massachusetts Executive Office of Health and Human Services and Massachusetts Executive Office of Elder Affairs. Boston, MA.
17 This number does not include individuals in MRC vocational rehabilitation programs or individuals receiving ASL interpreter or CART referral services.


Massachusetts Long Term Care Policy

Massachusetts has a lengthy history of supporting the long-term care needs of elders and people
 with disabilities across the lifespan. The Patrick Administration’s
 long-term care policy is community first
, an approach that emphasizes maximizing
 independence in home and community
settings while assuring access to needed
 institutional care. This fact sheet provides
 a snapshot of the current state of long-term
 care supports (LTS) in the Commonwealth,
 including information about the populations
 who use LTS, projected changes in the
 demand for and cost of these services,
 and trends in utilization and payer mix.
 Data in this arena is unevenly available
 across populations and service components.
To the extent possible, population-based and
 relevant national indicators are used.
The fact sheet and additional qualifying
 information about data sources and supporting
 research documents can be found at www.mass.gov/hhs/communityfirst.

  Executive Office ofHealth and Human Services

Plan multigenerational developments

The days of designing and developing retirement communities that segregate older citizens from the rest of the population might be over now that baby boomers are storming into their twilight years, according to architects who say boomers will “do retirement” on their own terms, in a location of their choosing.

About 10,000 boomers are turning 65 each day and will continue to do so until 2030, according to U.S. Census data. But as of 2007, a scant 6% of Medicare enrollees aged 65 or older lived in community housing with services or any sort of long-term care facility, with most remaining in a traditional community, according to a 2012 Center for Housing Policy study.

Meanwhile, an overwhelming majority of retiring baby boomers have no plans to move, according to a recently released MetLife Mature Market Institute study, and this attitude might impact where senior housing developers locate their communities.

Only 11% of MetLife survey respondents said they had plans to enter an active adult community, but 83% said they had no plans to move from their current home. AARP has previously released studies showing 90% of retirees indicating a strong desire to remain in their homes and communities, and this could be a key indicator of the need for designing developments with multiple generations in mind.

Rather than having segregated housing for the nation’s seniors, architects need to plan multigenerational developments, and developers must build with more than one demographic in mind, says Dave Stolte, vice president of senior housing at Encino, Calif.-headquartered NAI Capital.

“If you can get the kids to move into a neighborhood where they can be around their parents, and their kids can have their grandparents around—these would be communities with much more utility, where people can age in place. That’s the key,” Stolte says. “Instead of a separate community, seniors can be included into the community.”

There aren’t too many current examples of well-planned, comprehensively thought out multigenerational communities, Stolte concedes, but he says many senior living developers are realizing that “lifestyle” is a more important concept than “shelter.”

What’s key is incorporating lifestyle into a planned community, with proximity to churches, hospitals, shopping, entertainment, and close to adult children who might become their parents’ caretakers.

“People aren’t wanting to be segregated or seen as a senior,” says Greg Irwin, the president and principal of Irwin Partners Architects. “They want to be a part of all life—not just their own age demographic.”

A large percentage of older Americans remain in their homes because they don’t want to enter an age-specific community, where they’re around lots of people who are similar to them in age only, Irwin says, adding that the future of senior housing development involves finding ways to accommodate seniors’ needs and interests while keeping them a part of the overall community.

“You’re seeing a trend right now to go into a more urban environment and create more opportunity for people,” he says. “We’re seeing an increase in developers asking about how to incorporate senior accommodations into community designs.”

Despite not having current examples to showcase, Irwin says he’s hearing a lot of talk about what it means to blend senior living into a multigenerational community. His firm is currently “working with concepts and ideas on projects,” but isn’t far enough along yet to name any specific projects.

Coming soon, articles on the rise in multigenerational housing, an intergenerational development currently in the works in Massachusetts, and the design of hospitality-style retirement accommodations.

Written by Alyssa Gerace

Massachusetts Home Care (HCP) and Enhanced Community Options Programs (ECOP)

What are the Home Care and Enhanced Community Options Programs?

What are the Eligibility Requirements for HCP and ECOP?

The Home Care Program requires that Massachusetts residents be living at home or in the home of a caregiver; they cannot reside in an adult foster home, assisted living residence or nursing home. They must be at least 60 years old or diagnosed with Alzheimer's. The income limit for an individual is approximately $25,000 / year or $35,000 for a couple. Finally, individuals must be assessed and found to have a need for services by a case manager.

For subsidized respite care only, there is a higher income limit of approximately $45,000. Respite care is available for individuals with income in excess of that amount however they will be charged the full cost of the care.

The Enhanced Community Options Program has similar eligibility requirements to the Home Care Program, however individuals must require a higher level of care. Participants must be assessed and determined to require the level of care provided in a skilled nursing facility (or nursing home).

What Services are Provided in the Home Care and Enhanced Community Options Programs?

A very wide range of support services for seniors, the disabled and their caregivers are provided in these two programs. Final services are determined on a case-by-case basis and can include any of the following:

-Adult day health care
-Alzheimer's / dementia care
-Companion services
-Food shopping
-Home health aides
-Home health services
-Homemaker services
-Meal delivery
-Meal planning and preparation
-Medication assistance
-Minor home repair and yard work
-Nutritional counseling
-Personal care services
-Personal emergency response services
-Respite care
-Skilled nursing care
-Transportation assistance

How to Apply for the Home Care and Enhanced Community Options Programs

Both programs and respite care are managed by the local Massachusetts Area Agencies on Aging. To learn more and apply for these program contact your local area agency on aging or call the helpline at 800-AGE-INFO.

Massachusetts residents might also be interested in the Caregiver Homes Program which is another option that enables the elderly to remain living in the community.

Housing Policy

Supporting development of various senior living community models, encouraging developers to incorporate universal design, creating flexible zoning rules, and providing assistance for aging-in-place retrofits are some policy suggestions that could help the nation get ready for the impending silver tsunami, according to the Center for Housing Policy.

“We all know it’s coming—baby boomers are about to swell the ranks of older Americans,” begins the Center’s recently released study looking into the nation’s preparation to house an aging population.

The 65+ population is expected to increase from 40 million to more than 88 million by 2050, encompassing 20% of Americans, according to census data, and the 85+ population will triple during this timeframe to 19 million.

“Demand for housing will shift dramatically and the need for services to help older adults age in place will grow exponentially,” the researchers say, citing an AARP survey that 90% of respondents wish to remain in their homes “as long as possible.”

However, the nation’s old, poor households are faced with severe housing cost burdens, and it will be necessary to pay more attention to housing and supportive services for the aging population, especially as nearly half of low-income seniors spend more than half of their income on housing.

Using Home Health Care to Help Senior Housing Residents Age in Place

Alyssa Gerace | February 21, 2012 | Comments (0)

This article is part of a series following “Will the Nation Go Broke Paying for Senior Housing & Long-Term Care?“
The whole aging-in-place movement can be scary for senior housing providers who worry about how their occupancy levels might be affected with seniors increasingly wishing to remain in their own homes, but they can take advantage of the concept for the seniors who are already living in their facilities with the help of home health care services.
The average age and acuity of current residents in both independent and assisted living facilities is going up, and those who are moving in are often older, says Ryan Frederick, principal of Point Forward Solutions, a consulting and financial advisory firm serving the seniors housing and care industry.
Some younger seniors aren’t choosing to enter assisted living because of the higher age and acuity demographics, while those who enter independent living are staying longer before transitioning to a higher level of care.
But despite a longer independent living stay, residents’ overall length of stay is shorter, and many places are experiencing a higher turnover than what they’ve historically had, says Frederick.
“If you’re a CCRC provider, you’re having a harder time bringing younger people in because of aging in place, and you’re gonna be facing a higher turnover,” he says.
It’s a big issue for providers to figure out how to handle this, as high turnovers can be quite costly, and many are beginning to expand their services in order to accommodate changing demographics.
Home Health Care Increasingly a Factor to—and in—Senior Living Communities
As consumers and state governments alike increasingly turn to home health agencies as a more affordable source of senior care, some senior living providers are making sure they’re not left out of the movement by buying agencies or incorporating home care into their communities.
Many signs point toward the declining viability of the next couple generations of seniors being able to afford their long-term care in nursing homes. A generous number of nursing home residents already depend on Medicaid to fund their stays, but as Medicaid eligibility expands and census grows, state governments are looking for ways to deliver care less expensively, and home-based care is one such way to do so.
If senior living providers don’t want to be shut out of the business opportunities presented by the thousands of Baby Boomers, many of whom will be needing some sort of long-term care in the next 15-20 years, they might want to consider integrating home health services.
Providers Adding Health Care Services to Communities
Brookdale Senior Living’s strategy, for example, is adding healthcare services to their communities to help people age in place.
They’re using Care3 Wellness programs through Brookdale’s Innovative Senior Care program, which includes a Medicare-certified home health care service. Care3 Wellness is described as a “comprehensive nursing, therapy, and wellness system” that can help residents retain or improve their independence.
The program’s benefits include the potential for residents to have “better health at any age in any senior living environment,” with residents assessed by senior care professionals on a voluntary basis to determine which segment of the Care3 Wellness Program they would best fit into, according to Brookdale, based on their personal level of health, fitness, or mobility.
Acquiring or Partnering With Home Health Agencies
Some senior care companies, such as The Ensign Group, Inc., (NASDAQ:ENSG) are going a slightly different direction and expanding services by acquiring home health care businesses.
In December, Ensign acquired Homecare Solutions, a Denver, Colo.-based home health agency. This “lateral diversification broaden[ed] Ensign’s reach into that business,” said Christopher Christensen, the company’s president and CEO.
Ensign most recently made headlines for its purchase of Connected Home Health, a Portland home health agency, with Christensen again speaking to the company’s move to grow and develop its home health business.
These two agencies join Ensign’s existing similar operations: Horizon Home Health and Hospice in Idaho; Custom Care Hospice in Texas; Careage Home Care, in Iowa; and Symbil Home Health and Hospice, in Utah. The businesses are operated through affiliates of Cornerstone Healthcare, Inc., Ensign’s home health and hospice-based portfolio subsidiary.
Home Health as a Conduit to Assisted Living Care?
Emeritus Senior Living, based in Seattle, Wash., is considering tapping into the home health care market.
The company currently offers “complimentary home visits” where an Emeritus nurse will do an assessment of a senior in the community and in many cases identify needs that aren’t being met. Then, the senior living provider attempts to connect the individual and their family with resources to help meet those needs, which in some cases could be home health care.
For now, Emeritus is referring these seniors to home health care agencies, but in the future, says the company’s president and CEO Granger Cobb, it’s possible they’ll offer their own home health care services.
“It makes a lot of sense to kind of marry the two,” says Cobb, referring to partnering with home health care. “If we have a licensed home health agency that can fit in nicely with our home visit program, it probably offers even more options in terms of how we can benefit seniors at home.”
However, he also points out that while a home health agency would complement the company’s service offerings, it could also provide a referral conduit into Emeritus communities in the event that it became more cost efficient for someone receiving home health care to enter a facility.
“Generally it’s more affordable to a senior—to a point, when they have someone come in for a few hours a day,” he says. “But when it reaches a point where it’s eight or 10 hours a day, usually assisted living is a more affordable option.”
Rather than seeing the aging in place movement as a foe, senior living providers have the option of incorporating home health care into its existing assisted living and independent communities, whether it’s through a subsidiary operation or a third-party agency. And it’s possible to go still further and expand service offerings to include home care for seniors who haven’t yet joined senior living communities, especially as this could eventually serve as a referral base for potential future residents.
Written by Alyssa Gerace

i

2 Votes

(VA) Aid and Attendance Pension rate

Aid and Attendance Rate Increase

Week of February 06, 2012

The United States Senate Committee on Veterans' Affairs approved a rate increase in the Veterans Administration's (VA) Aid and Attendance Pension rate. The VA Aid and Attendance Pension provides benefits for veterans and surviving spouses who require the regular attendance of another person to assist in eating, bathing, dressing and undressing or taking care of the needs of nature. It also encompasses individuals who are blind or in a nursing home due to mental or physical incapacity and offers eligibility for assisted care in an assisting living facility. For more information, visit VA's Veterans Pension Program webpage.
For complete guides to all veterans benefits, visit the Military.com Benefits Center

CLASS ACT Repeal

“Killing the CLASS program without offering an alternative is irresponsible, ignores a growing problem, and lends credence to the view that too many members of Congress are out of touch with the struggles of middle-class American families,” said Jim Firman, president and CEO of the National Council on Aging (NCOA).
For over two decades, Congress debated how to address long-term care before passing the CLASS Act last year. CLASS would encourage personal responsibility by providing a cash benefit to people needing care at home through voluntary premiums and, according to the Congressional Budget Office (CBO), would save Medicaid dollars.
“Repealing CLASS would likely delay serious efforts to address the need for long-term care reform for another two decades,” added NCOA’s Firman.

How to Succeed at Juggling Caregiving Burdens

 

January 24, 2012 RSS Feed Print

My wife and I recently opened our home for nearly three months to care for a cherished family member and her spouse. What more valuable use of our home, time, and resources could we possibly have, we thought. And we were right. But there were costs—to our family finances, our privacy, and our working lives.
In a very small way, we experienced what millions of Americans live with, many on a constant, long-term basis. More than 65 million of us spend an average of 20 hours a week as unpaid caregivers. Looking only at people being cared for who are at least 50 years old, 90 percent of them are family members.
[See What to do About Retiree Healthcare Costs.]
Family caregiving is now experiencing the inescapable impact of several related trends:
1. The American family has splintered over the past 40 years. Women, the traditional caregivers, are more likely to work, to marry later, if at all, and to have fewer children. Older Americans are increasingly likely to live alone and far away from family members.
2. Older Americans are the nation's fastest-growing population group. Steady increases in life spans are a terrific achievement, but one that raises the odds that elderly family members eventually will become infirm and require care, perhaps for many years.
3. Healthcare costs have risen for years at rates far in excess of overall inflation. They are bankrupting our society. Medicare and Medicaid are running unsustainable deficits. Still, individuals are shouldering their own mountains of healthcare expenses. Studies have found that unanticipated healthcare costs, driven by accidents and chronic illnesses, are the largest cause of personal bankruptcy.
4. The extended recession and weakness in the economy have sapped pocketbooks and reduced people's ability to provide unpaid care to family members.
[See Pat Summitt, at 59, Takes on Alzheimer's.]
Half of family caregiving is provided to a mother (36 percent) or father (14 percent). Grandparents and in-laws each receive 11 percent of all caregiving, and spouses care for one another in 6 percent of the cases. These numbers come from research funded by MetLife in 2009, and sponsored by the National Alliance of Caregiving in collaboration with AARP. An Alliance spokesperson says the findings remain accurate.
More people—caregivers, as well as those being cared for—are older. Among caregivers, 55 percent are older than 50, compared with 47 percent in 2004 and only 38 percent in 1997. Among people receiving care who are at least 50 years old, 31 percent are 85 and up—the so-called "old old"—versus 24 percent in the earlier surveys.
Nearly everyone age 50 and older (96 percent) takes prescription drugs, and half of these people need help from caregivers with their medications. Half of all caregivers also hold full-time jobs, making for a lot of stress. Most caregiving is for long-term physical or mental conditions, and the average caregiving situation lasts 4.6 years.
AARP has been doing a terrific job researching and publicizing the rising societal weight of family caregiving. It also has looked at ways for individuals and institutions to improve a caregiving system that evolved in an earlier time before today's pressures appeared. Late last year, the group highlighted caregiving memoirs and advice of 10 authors. It showcased their work and analyzed the common challenges they faced.
[See 7 Lifestyle Behaviors Linked to Alzheimer's.]
If you are involved in family care—either as the caregiver or recipient—here are 10 common realities of care that AARP identified. By learning to anticipate and cope with these challenges, the quality of care can improve. So can the caregiving stresses borne by family members, most of whom are trying to do what's right.
1. Caregiving is a role (and a relationship).
2. Families benefit from discussing preferences and decision making with each other and with healthcare professionals.
3. Long-term services and supports (LTSS) are expensive.
4. Communication, coordination, and collaboration are fundamental to good care.
5. The most vulnerable and traumatic points in healthcare and LTSS are transitions from one setting to another.
6. Some help and support to care for the caregiver is available if it can be found.
7. Being "proactive" is the key.
8. Public policy solutions are crucial.
9. Advocacy, at both the individual and system levels, is a fundamental part of caregiving in today's world.
10. Culture change is needed.
Here are the 10 authors and caregiving works that AARP highlighted:
1. Howard Gleckman, Caring for Our Parents: Inspiring Stories of Families Seeking New Solutions to America's Most Urgent Health Crisis (New York, NY: St. Martin's Press, 2009).
2. Jane Gross, A Bittersweet Season: Caring for Our Aging Parents—and Ourselves (New York, NY: Knopf, 2011).
3. Robert L. Kane, MD, with Jeannine Ouellette, The Good Caregiver: A One-of-a-Kind Compassionate Resource for Anyone Caring for an Aging Loved One (New York, NY: Penguin Group, 2011).
4. Carol Levine, editor, Always on Call: When Illness Turns Families into Caregivers (Nashville, TN: Vanderbilt University Press, 2004).
5. Suzanne Geffen Mintz, A Family Caregiver Speaks Up: "It Doesn't Have to Be This Hard" (Herndon, VA: Capital Books, Inc., 2007).
6. Walter Mosley, The Last Days of Ptolemy Grey (New York, NY: Penguin Group, 2010).
7. Peter V. Rabins, MD, MPH, with Nancy L. Mace, The 36-Hour Day: A Family Guide to Caring for People Who Have Alzheimer's Disease, Related Dementias, and Memory Loss, 5th ed. (Baltimore, MD: The Johns Hopkins University Press, 2011).
8. Jonathan Rauch, "Letting Go of My Father," The Atlantic, April 2010.
9. Gail Sheehy, Passages in Caregiving: Turning Chaos Into Confidence (New York, NY: HarperCollins, 2010).
10. Cheryl E. Woodson, MD, To Survive Caregiving: A Daughter's Experience, A Doctor's Advice on Finding Hope, Help and Health (West Conshohocken, PA: Infinity Publishing.Com, 2007).

"Putting people in nursing homes as a first choice has to change."

In the national survey, Massachusetts ranked 40th among the states and the District of Columbia last year for the percentage of Medicaid beneficiaries first receiving long-term care services in a home- or community-based setting, rather than in an institution. It ranked 30th for overall affordability and quality of long-term services and supports. The survey evaluated 25 different measures such as home care, assisted living and nursing home facilities.
Massachusetts received its worst rankings on two affordability measures, scoring 46th for the high costs of both private home care and private nursing home care, when compared with median household income. The state also got low ratings for support for family caregivers, 39th place.
"This is very disturbing," said Al Norman, executive director of Mass Home Care, which advocates for community care. "Hundreds of people referred to nursing homes don't have to be there."
Ten percent of the state's nursing home residents could manage at home if necessary services were provided, the scorecard showed.
Gov. Deval Patrick, D, pledged in 2008 that his administration would help ensure that older and disabled residents could live independently, which most people want. But Norman said the administration has not done nearly enough. Only 31 percent of people needing long-term support are first given the option of in-home care, he said. "Putting people in nursing homes as a first choice has to change."

Higher Levels of Acuity (Sickness)

1. Higher Levels of Acuity - Increased Risks and Costs
Senior living and housing providers are beginning to experience higher levels of acuity (aka sickness) for their prospective residents. This elevates the risk of entrance and subsequently the cost of providing care.
Acuity levels are rising because many seniors have delayed the entry for economic reasons, and they’ve become more accustomed to utilizing family, technology, medicine and community support to remain in their current environment.
Higher acuity levels can lead to a higher cost of care, and providers may need to raise their costs as a result of increased risk, or change their policies all together to avoid the consequences of higher acuity. This may in turn force government benefits programs into playing an even larger role in funding seniors’ care, and it’s also possible seniors may face discrimination for entry into facilities based on their acuity level.
2. Senior Housing Community Evolution - Shift in Brick and Mortar Functions
As the profile of senior housing residents change, so will the definition of types of senior care communities. The shift in resident profiles are giving way to a migration in communities:
• Independent Living Becomes More Like Assisted Living. As more home and community based services initiatives are implemented, seniors living in apartment complexes or 55+ communities will see a greater level of a la carte services offered that will resemble more of an assisted living “feel” at a lower cost delivery as services will be unbundled.
• Current Assisted Living Facilities will function more like Skilled Nursing. Current nursing homes will be handling the “sickest” seniors in the coming years as an alternative to hospital stays. The traditional model of nursing care will migrate to assisted living communities that can have differing levels of care within those communities. As part of this trend, many assisted living communities are finding that the average age of entry for its communities is increasing as people are living with less care longer.
• Dedicated Alzheimer’s care facilities will begin to re-appear in earnest in the next 12-24 months. This trend is similar to a period in the early 2000s when many dedicated memory care communities were established. At the time, there were funding problems and the trend was somewhat ahead of its time given the number of memory care patients. However, a decade later, the supply of ALZ/dementia care communities is low while the demand is steady and increasing, regardless of the funding issues.
3. Aging in Place: Local Community Footprint Expands With Home & Community Based Services
Migratory trends for seniors are decreasing as the economic effects are more devastating than previously imagined, which leads to seniors remaining in their local communities longer. However, the definition of “local community” is changing or better yet expanding. Before the definition of local community used to be defined a 10-15 mile radius, it now encompasses an expanded area of almost 100 miles, based on supply, demand and costs.
This expanded radius is possible as home and community based services and networks are growing, predominantly in major metropolitan markets. Senior living communities and hospitals are partnering more closely to offer a full continuum of care as an extension of their brick and mortar campuses. These marketing efforts are designed to ease seniors into the system of care, starting at home and providing opportunities to expose individuals to the levels of care and communities they’ll be able to choose from when it becomes necessary. The linkages from home, clinic, rehab centers to assisted living and skilled nursing facilities will blur more as the power of the network of care becomes greater, and once in the network, individuals may find themselves to be “customers for life.”
4. Creative Senior Living Solutions Gain Traction – Communal Living and Multigenerational Housing
Concepts such as multigenerational housing, the Greenhouse Project, senior villages, co-housing, homes built with in-law apartments and other communal living solutions will continue appearing and evolving as individuals and families learn about the costs of senior housing. The elderly will increasingly move in with their families—or each other— as the economics of co-housing/co-habitation make a compelling case for multigenerational housing. Each of these solutions provides maximum flexibility but as these models become more popular, regulation and funding to further develop these alternatives may stall future growth.
Those living in single-family homes will invest capital in their homes as more parents move in with their adult children. Using home office spaces, basements, attics and other existing solutions will make way for more formal renovations including the “grannie apartment” as either an add-on or standalone. Unlike additions for bathrooms or kitchens, the resale value of “grannie” renovation should be discounted greatly when considering the costs if given any consideration at all. Others may opt for pre-fab cottages or PODs as solutions that can be moved, stored or re-sold when a senior needs to move to a more comprehensive care community.
As the housing market stays stuck in neutral through 2012, money will be invested in making the home more of a multi-generational dwelling out of necessity. Renovation will be a key driver in adaptation for senior housing in both single family homes. The key will be the return on the investment (ROI) but given the uncertainty of the amount of time that an elder may live with their children, it is difficult if not impossible to have a sense of certainity with respect to time. The resale value of these enhancements or modifications will have neglible effect on the value of the home unlike more popular renovations such as kitchens and baths.
5. Politics and the Need for Affordable, Assisted Living
Partisan politics and the election year will do little to advance senior housing policy within the next 12 months. The good news is that the election will bring sobering discussions about the future of health care and senior care. Medicare, Medicaid and other entitlement programs will be at the forefront of the campaign, as the country’s ability to pay its bills, both operating costs and debt service, is called in question. Politicians are realizing that the aging demographics in America are an economic train wreck waiting to happen and are identifying the problem but not discussing any concrete solutions.
The greatest policy challenge yet to be fully addressed is the need for some type of affordable, assisted living for low-income Americans. This includes solutions for simple services to assist with the activities of daily living (ADLs) and memory care. Even considering low-to-moderate income standards, will these ratios and income percentages be realistic (e.g. 60% of median area income)? Congress and state legislatures will need to conceptualize and develop some kind of inter-agency solution that bridges the gap between housing and care.
6. Senior Care Technology – Montoring and PERS Go Mainstream
Senior care technology will begin to become more mainstream both for aging in place and for those in communities. More applications (or “apps”) will be developed for a range of devices including laptops, PCs, tablets and smart phones. Cross-platform applications will be critical as care givers (both professional and familial) will want to carry their own devices and won’t want to carry multiple devices. As end users of technology fall into the younger spectrum, more companies will provide solutions that integrate into the existing technology platforms.
Personal Emergency Response Systems (PERS) will become more prevalent and blend in more with everyday life. Technologies for monitoring will begin to focus on habits and individual behaviors on mundane tasks that don’t require specific interaction with a device. Monitoring pressure in beds, trips to the bathroom, turning on the coffee pot in the morning are examples of simple monitoring techniques that, when monitored for exception processing purposes, provide a means of monitoring without direct user interaction with any device.
For seniors who are less technologically savvy, the television still is the primary electronic device that is connected in their home or their room in the community in which they live. Cable television operators have a strong position to deliver more telecare and monitoring services through their “pipes” and their boxes. Look for set top box manufacturers and cable companies to develop interfaces and applications built in for senior care.
7. Real Estate - Land Rush, Location, Housing Discrimination
Home prices will continue to present challenges for senior housing communities across the US in 2012. As the job market improves slightly during the course of 2012, the housing market will firm up and provide a solid bottom for housing prices in good markets. For markets that have an exorbitant amount of foreclosures, it will still be some time before those markets change. Communities will still have a lag factor as many seniors that may want to move in will still be reluctant to sell their home at current market prices. Once the housing market recovery gains traction, there could be a surge in demand for independent living communities as capital is released after the sale of the home.
Land acquisition and development will become critical in 2012 as competition for prime locations intensifies. The good news is that low financing rates will help make the carry on the new acquisitions more palatable but put pressure on banks to provide construction financing. Locations acquired during the next 12 months will be the new communities starting in late 2013 and 2014. Municipalities will need to address permits and application for new senior housing projects on these parcels as both a means to provide community support and an attempt to increase tax revenues for their communities. The days of NIMBY should start to diminish as residents realize that lack of supply for good senior housing in local communities.
Housing discrimination against seniors will begin to gain national attention during 2012. As seniors are forced to downsize and change their lifestyles, landlords may begin to show delicate signs of age discrimination.
8. Financing For Senior Housing Communities – How Long Can Rates Stay Low?
Rates will stay low for the balance of 2012 thanks to the efforts of the Federal Reserve and the troubles that remain with the European banking system. Senior housing providers will have a window of opportunity to lock in these low rates for the next 12-18 months that gives those who are building or renovating time to get their communities filled up.
Banks will continue to loosen up their underwriting requirements as competition heats up for established owners and operators, and more banks will look at smaller or less-experienced operators in an effort to expand their lending. Banks will become more interested in the details of the underlying operating model for each community financed, looking for functional and financial flexibility to change and adapt with supply and demand in the local marketplace. In 2012, regional banks will have an upper hand with senior housing construction financing with knowledge of local markets and demographic trends and REITs (real estate investment trusts) and large, national banks will provide the long-term financing options. REITs held the upper-hand in the capital markets in 2011 and will most likely remain king of the jungle as long as rates stay low.
As older communities begin to show their functional obsolescence, many senior housing companies will need to examine their current buildings and make decisions about renovating or starting from scratch. The costs for renovation should remain less expensive than new construction if feasible.
9. Personal Finance Challenges & Long-Term Care Insurance
Declines in the net worth of American population presents both short and long term challenges to senior living. If the U.S. enters a new recession or a slow, steady growth trajectory through 2012, it will do little for retirement savings for those who find it necessary to move into senior housing communities. Coupled with a continued challenged residential real estate market, the trend for improved net worth in the 55+ crowd seems unlikely in 2012. As families move in together and more children are caring for their parents, the prospect of financial abuse looms larger and will create some societal challenges where lines are blurred as family members manage finances for their parents.
Long-term care insurance is becoming more prevalent and will continue to grow in senior housing communities during 2012. As younger seniors enter communities with LTC insurance, the increases in the administrative work and burden on supporting handling LTC insurance claims added with any kind of additional support adds to the overhead costs for owners and operators. At some point, these additional costs will be passed along through rate increases in one fashion or another. The good news is that some communities are finding that their newer entrants have a well-balanced retirement plan that includes LTC insurance but the bad news is that those seniors may become “high maintnenance” residents given the complexity of their LTC insurance.
10. More Senior Living Professionals Needed for Growing Industry
No matter how well a community is constructed, the overall basis for a well-run community is the people that make it operate on a day-to-day basis. The senior living industry will see increased demand for qualified professionals that will provide more upward pressure on wages compared to the last two years based upon supply and demand. With funding cut backs anticipated for both Medicare and Medicaid programs, government agencies at both the federal and local level need to provide more training and support funds to cope with the employee development challenges. Compounding the people crisis is the crack down on overtime regulations for home-care providers. While private enterprise is good for competition and keeping rates competitive, the labor costs for senior care are going higher.
Organizations will have to make career development a higher priority to attract and retain talent as part of their overall business plan. This task should not rest solely upon the responsibility of the management of communities but should filter down to its residents as well. Education providers began offering and expanding their senior living courses in 2011 and more will follow suit in 2012 in response to the demand in the state and communities.
Those are just some of the major trends we see in senior housing for 2012. Have comments? Leave us one below or send an email to editor@seniorhousingnews.com.

 

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Kathy Bradway · 1 week ago

It is still amazing to me that more is not being done to address the need that is rolling to shore. There is a silver tsunami coming but so many think we still have time, which we do not, since it will take a while for preparation. I suppose since the needs of this country have been so great in general this has taken a back seat. I fear what may happen if a wake up call isn't heard soon.
I love the idea of a cottage community where boomers can reside and take care of each other, giving them a sense of pride and purpose while keeping the cost down. I see it clearly and hope that one day I can be a part of seeing the vision fullfilled. And we have places to live out our lives where we actually want-to-live instead of have-to- live.

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Aaron D. Murphy · 1 week ago

Kathy, agreed...
When I do my "Empowering the Mature Market" speaking engagements on "Aging-In-Place" sometimes I'll find a way when I'm introduced, to crash and fall coming out on stage! The gasps, etc. are palpable, and the nervous "don't know how to react / what to do" sets in, wondering if I'm okay. I pop up after a second, walk to the podium, and say "You don't even KNOW me, and that scared you and you were concerned for me... right?" (nodding heads, especially from the women) "Well what if your mother fell today, just now, while you were at work? It would be TOO LATE to make a CHANGE in her house or yours... even if she goes for 6 weeks of O.T. rehab after her hip surgery, we won't have time to design and permit and construct the changes she'll need when she gets back home." SILENCE....

I wish they'd get the point that PRO-ACTIVE vs. REACTIVE is the solution... I am speaking around 2x per month, educating the public (for free) regarding planning ahead, making changes NOW that work for EVERYONE that uses the home. Better for mom, the kids, the parents, the caregiver... EVERYONE, if done right and planned ahead. More at: http://adm-architecture.com/aging-in-place/

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What Will Seniors Do With Their $3.19 Trillion in Home Equity?

 

The total amount of home equity held by U.S. seniors is on the upswing, according to the latest data from the RiskSpan Reverse Mortgage Market Index (RMMI), a quarterly measure of home equity for people who are aged 65+.
The home equity total rose $46 billion in the third quarter of 2011, data released on Wednesday by the National Reverse Mortgage Lenders Association (NRMLA) and RiskSpan shows.
In the third quarter of 2011, senior home equity increased 1.5% to 152.0, for a total of $3.19 trillion of available home equity, the NRMLA/RMMI report says. That home equity, through sale or the use of reverse mortgages, is a key to funding long term care, the study commissioners indicate.
“This data further demonstrates that the home must be considered as part of the funding longevity equation. Reverse mortgages are a creative tool to help seniors better use the assets they have to safely fund retirement,” said Peter Bell, President and CEO of NRMLA, in a statement.
In the third quarter, housing prices in nearly 70% of the 295 metropolitan statistical areas tracked by the Federal Housing Finance Agency and RiskSpan posted positive quarter-over-quarter growth, nudging aggregate senior housing values up 1% to $4.2 trillion, according to NRMLA.
Meanwhile, senior mortgage debt levels fell for the 10th quarter in a row, standing at $1.02 trillion and leaving seniors with $3.19 trillion in equity.
“The home is, by far, the largest financial asset most families have for use in retirement,” Bell said. “Reverse mortgages have evolved from a circumstance-based product to an accepted forward looking tool used for financial planning.”
Written by Alyssa Gerace