And What if I Need Long Term Care? Discussion with Joanne Lynn, MD

The impact of the baby boomers reaching their 70s and 80s with little savings will create a major crisis, but Joanne Lynn, MD has some answers about what we can do about it.

Joanne Lynn, MD is an expert on creating and advancing new models of long-term services and supports. She is also an advocate for fixing the nation’s long term care financing system. Joanne is also a geriatrician and hospice physician, author, and professor.

Produced in partnership with Reston for a Lifetime a member of the Village to Village Network.  

Questions Asked

• Home owners, 55+ in age, will have good equity available as they age.  We provide options to our senior home owners to take advantage of equity to cover LTC costs, and be able to maintain ownership of their home, stay in their home and not have an impact on monthly cash flow.  Have you investigated how a Reverse Mortgage, FHA insured HECM, helps in the LTC issue we are facing?
• Can you advise what can be done at the State Level? Working on the Federal Level seem overwhelming since it requires working other elected's in other states where the issues and concerns are very different from the culutre a of individual state.
• Given the huge costs how would federal LTC be funded?  Hard enough to keep Medicare & SS afloat
• Joanne, are there any stories about people who have experienced the financial hardship now?  This is a current problem, and documenting families who are suffering now — in the specific situation of lack of LTC coverage, would be a useful talking point with legislators.
• Can you share specific long term care insurance?
• Tell us about who else beside Rep. Suozi is working on this?  You talk about ‘We”.  Who do they include?
• then who pays for those of us not working so there's no income to tax?
• Would you comment about we require Soc Sec contributions from the middle- and lower-come people to begin at the first dollar of income (if I'm correct about that) and why can't we get Congress to require high-income folks to pay even 1% in Soc Sec taxes.
• Would you comment about why we require Soc Sec contributions from the middle- and lower-come people to begin at the first dollar of income (if I'm correct about that) and why can't we get Congress to require high-income folks to pay even 1% more in Soc Sec taxes.
• What advice about longterm care planning do you have people in Generation X?
• What about Rep.  Abigail Spanberger, Virginia now leading the charge on repealing Social Security WEP Penalty?
• And share with other village members not in attendance
• Thank you SO much for shining a light on this!! Can't tell you how many seniors weat CarePatrol try to help connect with care who can't afford what they need

Chat Transcript

12:05:36     From  Steve Gurney - ProAging Community   to   Hosts and panelists : https://www.restonforalifetime.org/

12:05:42     From  Steve Gurney - ProAging Community : https://www.restonforalifetime.org/

12:08:10     From  Joe Sperling : Denial is rampant!

12:08:28     From  Adele Logan-Galen : Denial is more than a river in Egypt!

12:10:53     From  Joe Sperling : How do we convince the "ignorant" to plan and protect themselves and their families?

12:12:13     From  Adele Logan-Galen : Can they afford it?  If they don't think they can, they will not listen.

12:14:20     From  Joe Sperling : Our current society has moved away from extended families taking care of our elders.

12:16:52     From  Terri Losty : In Washington State they've implemented a mandatory LTC wage tax -- what do you see around here?  Will this be standard for all states at some point?

12:18:15     From  Joe Sperling : The Washington State experiment has proved to be a farce.  A lot of opting out.  A very inadequate level of benefitsd.  Sad.

12:18:53     From  Elisabeth Green : Single childfree adults are the only people taxed into poverty. https://www.cbpp.org/research/federal-tax/childless-adults-are-lone-group-taxed-into-poverty

12:19:10     From  Joe Sperling : It's still up to each individual to take care of their own needs.

12:19:38     From  Steve Gurney - ProAging Community : We have a discussion on May 5 Understanding Self-Directed Care https://www.retirementlivingsourcebook.com/events/understanding-self-directed-care

12:19:56     From  Joe Sperling : There are plans available with unlimited benefits.  There are plans based on life insurance with premiums that cannot go up.

12:24:23     From  Bernie Cohen : Unfortunately, too many people do not think of insurance programs till they are at middle age with children and their income is constrained from affording such a "luxury.'  Need a national program where young people are encourage to buy life insurance with long term care riders.  Their premiums will never go up and they will be protected for a lifetime without increasing premiums. We need National Insurance Education!

12:25:50     From  Steve Gurney - ProAging Community : JOANNE LYNN, MD, MA, MS

DRJOANNELYNN@GMAIL.COM

12:25:53     From  Sharon Canner   to   Hosts and panelists : As advocates for federal insurance, how do we sell this to the Congress?  Strategies on building a coalition across party lines? Economic argument to get buy in from employers and others?

12:27:46     From  Steve Gurney - ProAging Community : Virginia https://www.warner.senate.gov/public/index.cfm?p=ContactPage    202-224-2023. 

https://www.kaine.senate.gov/contact/share-your-opinion  (202) 224-4024 U.S. House of Representatives:

* Telephone:  202-225-3121

* Website:  http://www.house.gov/ 

U.S. Senate:

* Telephone:  202-224-3121

* Website:  http://www.senate.gov/

Find your member of Congress:

Contact your Representative:  https://www.house.gov/representatives/find-your-representative

Contact your Senator:  https://www.senate.gov/senators/senators-contact.htm

12:30:53     From  Steve Gurney - ProAging Community : Tony Miller 12:21 PM 

Home owners, 55+ in age, will have good equity available as they age.  We provide options to our senior home owners to take advantage of equity to cover LTC costs, and be able to maintain ownership of their home, stay in their home and not have an impact on monthly cash flow.  Have you investigated how a Reverse Mortgage, FHA insured HECM, helps in the LTC issue we are facing?

12:31:15     From  Joe Sperling : We need to try to avoid the "Soylent Green" solution.

12:32:29     From  Tony Miller : I'd like to chime in for a moment

12:35:33     From  Joe Sperling : $36K is a drop in the bucket.

12:42:03     From  Judy Wagner : In terms of younger people, if they have an HSA account because of high deductible medical insurance, they should fund to the max and not spend from it.  In 30-40 years, it could help with their LTC.

12:42:26     From  Tony Miller : Dr. Lynn touched on some benefits of the reverse.  Today's FHA insured reverse is well updated since 1989.  It allows a home owner to retain ownership for life in the home, they can owe on the property currently, and their can be LTC benefits as well.   All while the home owner remains the owner.  There is no term on the reverse.  As long as the borrower covers Real Estate Taxes, HOI and maintains the home as their primary residence, they are insured the right to remain in the home for life.  IF folks have put equity in, the reverse allows them to unlock it and the main idea is to have your equity allow you to remain in your home.   I'm happy to discuss further and provide facts and information.  It's an option to consider, for those who own their home.  And, it may help.

12:43:14     From  Steve Gurney - ProAging Community : Learn more about the WISH Act at https://DrJoanneLynn.org

12:45:54     From  Judy Wagner : But then how would the WISH Act pay for people now who need the money, but can't afford to pay for themselves?

12:46:01     From  linda igoe   to   Hosts and panelists : Can I do anything about this?

In 2001 I took out a LTP with Penn Treaty.

It now has gone to Washington state.

The Supreme Court of PA decidable is that payments to policyholders in excess of guaranty association limits are not permissible. Premium 4105.00

12:46:49     From  Tony Miller : Great information.  Appreciate the opportunity to hear Dr. Lynn. I'll be following up on the Wish Act and other avenues to supplement our life as seniors.  Thank you!  I have to prep for my 1pm.  Thanks again

12:47:15     From  Judy Wagner : It still seems as if the younger people would have to pay for the older folks -- perhaps with little hope of getting money when they need it.

12:48:01     From  Aida Bound   to   Hosts and panelists : Thank you Joanne!  Hi to The Rev!!!  oxxoxoxoxo  AIDA

12:48:07     From  Frances Drake : I should think the concern is how that works with the boomers

12:48:40     From  Beth Barnett : Thank you Joanne for your leadership on this topic.  I was aware of Joanne’s work in the 1980s? Or so — she was a leader in implementing the change in hospitalization — so that treatment could be discontinued with the consent of the patient.  What we know of as DNR.  She is an amazing leader in this area.

12:48:42     From  Steve Gurney - ProAging Community : Village to Village Network https://www.vtvnetwork.org/

12:49:31     From  Deborah Zuckerman : 501(c)(3)s can't lobby

12:51:02     From  Deborah Zuckerman : good distinction!

12:52:30     From  Judy Wagner : Francis, exactly.  There are a lot of older folks out there now that can't pay for themselves. I really like the idea of Wish, but think it needs to start when people are young.  The money required today for the boomers would be a major problem with their care requirements and lack of previous contributions.

12:56:11     From  JoAnne Moncrief : We need more robust lobbying for these needs. How can that happen?

12:56:53     From  Dixcy Bosley   to   Hosts and panelists : What about some common sense changes like:    1. Making all  nursing home residents no code  as default unless requested to be full code.  2. Pass Option to die laws / nationally   ( just failed to pass in MD this week)  3.  Extend hospice prognosis to one year  4. Ensure every state has well funded hospice services …   There are many who do not want long term care b/c they don’t want to live beyond their expiration dates but we won’t let them   .  We treat folks to miserable deaths against their will… Take profit out of health care

12:59:10     From  Alice Abrash : I am 84.  I have lived in Reston for 57 years, and I have been working for a year + on finding an affordable place to live as I age and become less able to take care of myself. I feel as though I am just spinning my wheels. I need to talk with someone who knows about what is available to me other than HUGELY expensive places like Ashby Ponds. Any suggestions as to who I can talk to?

13:02:00     From  Dixcy Bosley   to   Hosts and panelists : Dr Lynn was the medical director at Community Hospice and has been part of the revolution for a long time   Bless you.  Always inspired by your call to action and activism

13:03:02     From  Joe Sperling : Perhaps we need a movie (or more) focused on this issue.  Need to appeal to the masses.

13:03:11     From  Steve Gurney - ProAging Community : From Dixcy Bosley to All Panelists 01:02 PM

Dr Lynn was the medical director at Community Hospice and has been part of the revolution for a long time   Bless you.  Always inspired by your call to action and activism

13:03:50     From  Steve Gurney - ProAging Community : From Dixcy Bosley to All Panelists 12:56 PM

What about some common sense changes like:    1. Making all  nursing home residents no code  as default unless requested to be full code.  2. Pass Option to die laws / nationally   ( just failed to pass in MD this week)  3.  Extend hospice prognosis to one year  4. Ensure every state has well funded hospice services …   There are many who do not want long term care b/c they don’t want to live beyond their expiration dates but we won’t let them   .  We treat folks to miserable deaths against their will… Take profit out of health care

13:07:03     From  Sylvia Taylor : Can you recommend long term care insurance?

13:07:35     From  Bonnie Elliott : Thank you SO much for shining a light on this!! Sorry, wrong place - Can't tell you how many seniors we at CarePatrol try to help connect with care who can't afford what they need.

13:07:57     From  Bonnie Elliott : CarePatrol may be able to help

13:08:18     From  Joe Sperling : I can recommend LTC insurance.  Many options.

13:10:03     From  Steve Gurney - ProAging Community : Cathdral Square https://cathedralsquare.org/

13:11:31     From  Steve Gurney - ProAging Community : A FIRST-OF-ITS-KIND NATIONAL PROFILE OF SENIOR NUTRITION PROGRAMS AND THE SENIORS YOU SERVE https://www.mealsonwheelsamerica.org/learn-more/research/more-than-a-meal/comprehensive-network-study

13:11:51     From  Steve Gurney - ProAging Community : Sylvia Taylor 12:47 PM 

Can you share specific long term care insurance?

Deborah Zuckerman 12:48 PM  

then who pays for those of us not working so there's no income to tax?

Anonymous Attendee 12:54 PM  

What advice about longterm care planning do you have people in Generation X?

Mary Ann Anderson 01:01 PM  

What about Rep.  Abigail Spanberger, Virginia now leading the charge on repealing Social Security WEP Penalty?

Deborah Zuckerman 01:05 PM  

And share with other village members not in attendance

13:13:19     From  Steve Gurney - ProAging Community : Bonnie Elliott 01:06 PM 

Thank you SO much for shining a light on this!! Can't tell you how many seniors weat CarePatrol try to help connect with care who can't afford what they need.

13:13:36     From  Bonnie Elliott : Alice you don't have to look on your own - we help with these situations - 703-785-0422

13:14:20     From  Bonnie Elliott : LOVE your passion Dr. Lynn!!