‘Perfect storm brewing’ that could put aging seniors in tough position, lawmaker says

Democratic New York Rep. Tom Suozzi is sounding the alarm on a looming crisis facing the country’s aging population. With 10,000 Americans turning 65 every day and 6,000 Americans set to turn 85 daily in five years, Suozzi is pushing for action to address the lack of long-term home care insurance coverage for seniors.

During a press call on Tuesday, Suozzi, alongside Republican Rep. John Moolenaar, introduced the “Well-Being Insurance for Seniors to be at Home Act” to help more seniors access long-term care insurance. Currently, only about 4% of seniors have this coverage, leaving many vulnerable to financial hardship and potential homelessness as they age.

Suozzi highlighted the challenges faced by aging and disabled seniors, including the trend of Americans having fewer children who can care for them and adult children moving away from their parents. This shift in societal dynamics is creating a “perfect storm” where Medicaid and nursing homes will struggle to meet the growing demand for long-term care.

The WISH Act, as the bill is known, aims to establish a federal Catastrophic Care Fund to assist with the costs of long-term care. By incentivizing private insurers to offer affordable long-term care insurance, the legislation seeks to alleviate the financial burden on seniors and reduce the strain on federal healthcare programs like Medicare and Medicaid.

Suozzi drew parallels between the WISH Act and Medicare Part B, emphasizing the need for a cost-sharing program to encourage insurers to provide more accessible coverage. The proposed funding mechanisms include potential income tax increases for employees and employers, as well as reforms to Social Security.

Despite the urgency of addressing the growing crisis facing seniors, Suozzi acknowledged the challenges of gaining bipartisan support for the WISH Act. With Republicans pushing for significant Medicaid cuts as part of budget reconciliation efforts, the congressman stressed the importance of educating lawmakers and advocacy groups on the importance of long-term care insurance.

As the country grapples with the dual challenges of an aging population and budget constraints, Suozzi remains hopeful that the WISH Act can be a step towards ensuring that seniors can age with dignity and security in their own homes.