Here are some steps you can take to scale an assisted living business:
Change of Ownership”: First and foremost, a new operator must obtain state approval in order to become the facility licensee. This typically involves an application of varying length and complexity, with some consisting of only a few pages and others a few hundred pages. Once filed, states will also take varying times to process — anywhere from 10 days to more than a year. Additionally, the state may require a site inspection or a meeting with the applicant to determine fitness for a change of ownership. While the application is processed, operational responsibility must remain with the current licensee, though certain interim arrangements may be workable depending on the state and circumstances.
Resident Agreement: State SNF and ALF licensing authorities typically require that the operator, as licensee, be the party to the agreement with individual residents (and not the management company). When a current operator becomes the management company, the resident agreement will either need to be terminated, with a new agreement put in place, or assigned. However, many states will not allow assignment, so parties to such a change should consult state law well in advance of an operator/manager change.
Trade Names: An issue that frequently pops up in these types of changes involves the trade or “doing business as” name. Where a previous licensee becomes the management company (or where the licensee is removed entirely with a new third-party manager coming in), the previous licensee may refuse to allow the new licensee to use the trade name currently on file with the state licensing authority. This should be an early point of negotiation so that there are no surprises when the transition occurs.
Management Agreement: The new management agreement between the licensee and third-party manager must be carefully negotiated, with an eye toward appropriate delegation of responsibilities (i.e., what responsibilities can and cannot be delegated to a manager from a licensing standpoint), legal compliance, and setting out a relationship that can be practically implemented.
The items listed above are only a subset of the pieces that will need to be considered when a transition will occur. Often, the key to implementing a successful transition will be early and frequent communication between the parties and the state licensing authority. This will help minimize surprises and get everyone on the same page so that the process can move as quickly and efficiently as possible.
Source: Alexander Foster
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Understanding Home Care
Home care allows people with medical conditions, special needs or disabilities to receive care in the comfort of their own homes. Not only can this make the one receiving care more comfortable, but it is also more affordable than long-term care (LTC) facilities. Home care is often suitable for older individuals, but it can also be ideal for those who are chronically ill or are recovering from surgery. Home care often requires a prescription from a doctor; however, some kinds of home care, like personal care, don’t require a prescription. As you can see, home care doesn’t come down to a particular kind of service. Home-based activities that require an experienced professional’s help can be considered home care.
Types of Home Care
Home care is a broad term that can include many types of services. Home care services might include personal care, private duty care and home healthcare. They can also sometimes be called long-term care solutions, though that type of care typically takes place in a facility like a nursing home. Let’s take a closer look at how each one of these works.
Personal Care
Personal care involves helping a person with their day-to-day activities. For example, they might need help with dressing, bathing, cooking, cleaning and moving around the house. In general, it is more focused on these daily tasks and not necessarily on providing medical care. As such, personal care does not require a prescription. Care can be provided 24 hours a day.
Home care provides professional services for a person, typically someone who is in poor health or who cannot regularly attend a physician’s office, to live at home. It includes a broad range of services and levels of care. Here are different types of home care services that are included.
Understanding Home Care
Home care allows people with medical conditions, special needs or disabilities to receive care in the comfort of their own homes. Not only can this make the one receiving care more comfortable, but it is also more affordable than long-term care (LTC) facilities.
Home care is often suitable for older individuals, but it can also be ideal for those who are chronically ill or are recovering from surgery. Home care often requires a prescription from a doctor; however, some kinds of home care, like personal care, don’t require a prescription. As you can see, home care doesn’t come down to a particular kind of service. Home-based activities that require an experienced professional’s help can be considered home care.
Types of Home Care
what is home care
Home care is a broad term that can include many types of services. Home care services might include personal care, private duty care and home healthcare. They can also sometimes be called long-term care solutions, though that type of care typically takes place in a facility like a nursing home. Let’s take a closer look at how each one of these works.
Personal Care
Other duties or services that might be included in personal care are:
Transfer from wheelchair to bed or to a toilet
Preventing falls
Housekeeping
Errands
Transportation to appointments
Supervision for patients with Alzheimer’s or dementia
Another aspect of personal care is companionship. Someone receiving home care might live alone and having someone to talk to can help their recovery. In some cases, personal care providers might even participate in hobbies or activities with the person receiving care.
Private Duty Nursing Care
This type of home care is more focused on treating specific medical conditions or injuries. It might involve tending to ventilators, feeding tubes, catheters or other medical devices. It may also include tasks such as monitoring vital signs or administering medications. This type of care requires a prescription. Care can be provided 24 hours a day.
Home Healthcare
Home healthcare often involves specialized care in treating a specific condition or concern. For example, it might include physical or occupational therapy, social work or short-term nursing services. These visits are usually short-term and can last up to one hour. A doctor’s prescription is necessary to start care.
What Is the Purpose of Home Care?
The goal of home care can vary depending on the condition and needs of the person receiving care. For example, for some, it might be to help them recover and regain their independence. For others, it might be to help them maintain their current conditions. Others might be in a slow decline, and the goal of home care in this case is to make the person as comfortable as possible and see that all their needs are met.
Home care depends on the needs of the care recipient. Thus, their needs should be clear in advance to ensure they receive the proper level of care.
Is Home Care Covered by Insurance?
Home care might be covered by insurance. However, whether it is covered depends on the type of care and your insurance provider. For example, most types of insurance cover private duty nursing care, including private insurance, veterans’ benefits, Medicaid and workers’ compensation. In contrast, home health services are typically only covered by Medicare or private insurance. Ask your insurance provider before starting care if the services will be covered.
The Bottom Line
Home care includes a range of services administered to a person in the comfort of their own home. They can include anything from assisting with daily activities to providing medical care at home. The person might be recovering from an injury or illness, or they might simply need help with everyday tasks. Some are focused on recovery, while others have chronic conditions. Care is provided based on the needs of the patient and should be factored into their individual budget.
Tips for Insurance Planning
Insurance doesn’t always cover home care, which could create financial stress. A financial advisor can help you create a plan that works in your unique situation. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help with your home care needs, get started now.
Source: Bob Haegele
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What Is Assisted Living?
Assisted living is the term for providing help to cover the six most common activities of daily living – bathing, walking, dressing, toileting, bed transfer and eating. While many seniors are fully capable of taking care of themselves, sometimes they need extra assistance in one or more of these six activities.
Who Needs Assisted Living?
Those who seek assisted living care generally need help with at least two everyday tasks from the list above. Assisted living care may be through a care facility or through a home health caregiver in the patient’s own home. The location and amount of care typically depend on the patient’s condition and budget.
This enhanced care can be short or long-term depending on a patient’s needs. For short-term help, they may be recovering from surgery or injury. Long-term patients may be suffering from declining health or have a permanent condition.
How Much Does Assisted Living Cost?
The cost of assisted living care depends on where you live, where the care is given and how much care you need. A recent study by Genworth, a life insurance company, estimates that the national median monthly rate for assisted living is $4,500. This equates to approximately $148 per day.
By comparison, a private room in a nursing home with higher levels of care costs an average of $297 per day ($9,034 per month). And home health aide services average $169 per day ($5,148 per month).
How to Pay for Assisted Living
There are many ways that investors can prepare for assisted living expenses. In general, these costs are covered by insurance, savings, family and friends or the government. Here are five examples:
Disability insurance. If your assisted living stay or needs are short-term, disability insurance may pay for care while you recover.
Long-term care insurance. Long-term care insurance typically covers longer stays in a facility. Benefits may have an exclusion period which requires that policyholders cover the first portion of expenses before the insurance company steps in.
Savings and investments. Many investors pay for assisted living care out of their savings and investments either because they chose not to buy insurance or because they couldn’t qualify. This approach is also known as “self-insurance.”
Family and friends. In some cases, family and friends step in to help cover the costs of assisted living. This is generally one of the least attractive options because of the undue burden it can place on their finances.
Government programs. Some local, state or Federal government programs cover a portion of the cost of assisted living. With this option, patients typically cannot choose the level of care or where the facility is located. Additionally, you may be required to spend down your personal assets before becoming eligible.
Is Assisted Living Tax Deductible?
For tax purposes, assisted living expenses are classified as medical expenses. The deductions are documented on Schedule A of your Form 1040 Federal tax return under Itemized Deductions. Additionally, only the allowable medical expenses above 7.5% of your adjusted gross income (AGI) qualify as a tax deduction.
Let’s say that you have an AGI of $100,000 with $12,000 of medical expenses. Your medical expenses eligible for tax deduction is $4,500.
The opportunity to deduct your payments also depends on the reason for your stay in the assisted living facility. If you’re in the assisted living facility primarily for medical reasons, then the entire cost is deductible as a medical expense. This includes the meals and lodging.
However, if your stay is primarily for non-medical reasons, then only the actual medical care is tax-deductible. For these patients, the cost of meals and lodging are excluded.
Bottom Line
Assisted living can be expensive while recovering from an injury or as you age. These expenses are part of your total medical expenses for tax deduction calculations. Only the portion that exceeds 7.5% of your adjusted gross income can be deducted. We recommend speaking with your tax advisor about your eligibility for tax deductions. Additionally, contact your financial advisor to discuss how to pay for care through insurance, savings or both.
Tips for Covering Retirement Expenses
A financial advisor can help you create a plan to cover your medical needs in retirement. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Inflation often affects retirees harder than others because they’re working off of a fixed income. Whether you’re paying for assisted living or your normal expenses, it helps to understand how inflation can affect these bills. Our inflation calculator estimates your buying power over time based on different inflation rates.
Source: Lee Huffman
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Home health providers are dealing with a number of headwinds — inflation-induced financial challenges, labor shortages, pandemic pressures and more — that will only worsen if the proposed payment adjustments for 2023 become finalized.
That’s the major takeaway from a recent labor cost study from the Partnership for Quality Home Healthcare (PQHH). The study was conducted by Dobson DaVanzo & Associates and examines the changes in the home health labor costs. The study is based on the survey responses of six PQHH member organizations, and interviews from five industry leaders.
“Health care workforce challenges are not stabilizing, they are intensifying [in regards to] how organizations are experiencing recruitment and retention, wage pressures, benefit incentives, and just trying to manage staffing in this environment right now,” Joanne Cunningham, CEO of PQHH, told Home Health Care News.
Overall, staffing remains a major pain point for providers. On average, only 59% of positions at home health agencies were filled in Q1 2022. Some of the factors contributing to this was burnout, vaccine mandates and COVID-19 risks.
The competition for available and qualified talent between health care sectors also continues to escalate, at a time when home health providers are having trouble keeping up.
What’s more, wages for hospital employees are rising at pace faster than that of the home health workforce. This indicates that providers will need to raise compensation for clinical staff in order to attract talent.
“There’s always been competition among the different health care sectors, but that is also intensifying,” Cunningham said. “If you think about it, that means that the overall health care workforce is getting tighter.”
In addition to rising wages, home health providers want to be able offer incentives like signing bonuses, performance bonuses, tuition assistance and student loan payments.
Staffing shortages — and a generally smaller talent pool — have had consequences for home health business.
Specifically, providers were forced to turn down referrals because of the inability to hire clinicians. About 71% of survey respondents said that this impacted the amount of care services their organization was able to provide.
“Here’s the thing about that dynamic of home health providers turning away referrals — that not only impacts them from a business standpoint, it impacts the entire health care sector and the whole Medicare population,” Cunningham said. “The demand for home health is on the rise, that’s a reality. If providers cannot — because of staffing and other economic pressures — take referrals, it means patients are not moving out of hospital quickly and getting services they need.”
On top of the realities that providers are currently facing, they are additionally hindered by the Centers for Medicare & Medicaid Services’ (CMS) proposed payment rates, as well as regulatory constraints.
“These rates being proposed for next year has placed sizable stress on the sector,” Cunningham said. “At a time when there’s such a demand and clear preference for the ability to receive clinically advanced care in the home, it’s not the time to add the unnecessary pressure of massive cuts to the sector, especially when they’re facing challenges with workforce.”
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The fintech company’s round was led by Slauson & Co with participation from Schultz Family Foundation’s Entrepreneurs Equity Fund, following on previous investments from Altrinsic Global Advisors and angel investors Tim Armstrong, Owen Van Natta, and Edith Cooper, among others. The funds will be used to expand the capabilities of the Bags platform with debt management features and data infrastructure solutions for lenders.
There are 9.2 million minority-owned small businesses and 11.7 million women-owned small businesses in the U.S., and these segments are fast growing. Yet 99% of businesses will never raise venture capital, and, according to the Minority Business Development Agency, minority-owned businesses are less likely to be approved for financing than white business owners with the same annual receipts. In the current rising rate environment, diverse and women-owned businesses need access to fair funding that is hard to find through existing channels and unavailable from traditional institutions.
With Bags, diverse business owners discover the best non-dilutive ways to secure funding. Bags helps entrepreneurs get the working capital that they need, understand the implications of debt financing, and manage their repayment process, all with lenders that have a vested interest in supporting the community the business aims to serve.
“Access to capital is a core part of long-term small business success, and our mission is to provide underserved businesses with a clear path to fair financing with the tools they need to manage it. We help diverse folks avoid predatory lending by meeting them where they’re at, in a way that they relate to, and with what they need,” said Bags CEO Daniel Taylor.
The platform is thoughtfully designed to reduce time and friction in the loan application process with integrated, contextualized education and detailed guides for earning loan approvals to secure the bag. Bags is committed to providing only the best options, pre-qualifying businesses for loans from mission-driven lenders, including many non-profit CDFIs with a commitment to put cash in the community.
“The Bags team has a deep commitment to fair and flexible financing for millions of small businesses, and it shows in their early results. Entrepreneurs choose Bags for their relatable brand and elevated user experience that alleviate anxiety and mistrust in access to capital, and they fill a key need toward a future where small businesses can compete and serve the nuances of the communities they are a part of,” said Austin Clements, partner at Slauson & Co.
Based on data from the Congressional Black Caucus, the median net worth for Black business owners was 12 times higher than for Black non-business owners in 2019. According to the Hispanic Wealth Project, Latino business owners have a median net worth five times that of Latinos overall. Growth in Latina-owned employer businesses accounted for nearly all (93%) of the growth in women-owned employer businesses between 2017 and 2018. These data show the power of entrepreneurship to advance wealth building among diverse populations, and the Bags mission is to increase access to entrepreneurship to create stronger local economies, better jobs, and generational wealth.
Since 2021, Bags has helped hundreds of business owners get 100% free access to the right financing for their company. The platform includes lending options from $10,000 to $5 million, with industry-low interest rates and flexible terms. With funding approval rates for entrepreneurs connected through the platform far outperforming industry benchmarks, Bags has helped put over $5 million into small businesses since 2021, including lifestyle luxury brand M65 Studio, founded by Anthony Hendrickson, and Droplet, a wellness beverage brand created by Celeste Perez.
The seed round brings total funding for Bags to $3.5 million.
To learn more about BAGS and the work they are doing to help diverse business owners have an equal shot at success through access to capital, visit their website SecureBags.com or follow on social media.
Source: Black Enterprise
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The estimated 73 million individuals who make up the baby boomer generation are projected to reach age 65 and older by 2030. The overall aging of the U.S. population accompanies the need for increased home care technology for seniors. This concern was explored at a Parks Associates' Connected Health Summit 2022 session, Seniors and Caretakers: Living Independently.
The event focused on gathering and using data, remote patient monitoring devices, and repurposing existing technologies to keep individuals safe at home and to ensure cost-effectiveness and efficiency with in-home care.
"We really do see a big demand for technology that can proactively identify and respond to problems," said Brandon Neustadter, vice president of sales for Kami Vision and KamiCare, a vision-based AI file-management solution that detects and responds to falls.
Implementing preventative care and home sensors for detecting when a senior falls was also touched upon by Andy Droney, senior director of ADT Health, in his keynote.
Droney said ADT is evaluating how it can reimagine its traditional sensors and systems deployed within the home to assist in elderly care and potentially draw inferences to predict incidents.
"You think about activity levels, water consumption. Is medicine being taken? How long or how well people are sleeping? How many times are they getting up during the night? And gathering all that data together and providing potential insights," Droney said.
Maybe a combination of data that we receive doesn't necessarily require an ambulance, but it may require somebody to check in on somebody. Maybe it's not even that we saw some strange things in the data that we got, but it's what's happening: Are you feeling okay? How can you intervene in that up front and either get a telehealth visit or get somebody to an urgent care, to their doctor, versus having to send them to an emergency room or send an ambulance to come out and pick them up?"
Remote patient monitoring and leveraging devices for the benefit of caregivers and seniors within the home was a continuing topic throughout each session, as was the rise of telehealth services.
"The pandemic illustrated the need to make communities much more livable. That means having the services and amenities and features available to individuals in their homes and large communities to help support people as they age," said Shannon Guzman, director of housing and livable communities for AARP.
AARP developed a tool called the Livability Index, which assessed communities for features like accessible healthcare services and high-speed internet, important for telehealth visits.
"There's this aspirational view of technology and what it's capable of, whether it's RPM and telehealth or other technologies that work both in our senior communities and in people's homes. But there's also a gap that has not been filled yet. That is the digital divide that we all need to focus on, as well and understand how we can best bridge that so that these technologies can really achieve their maximum efficacy," said Michael Skaff, chief information officer at Jewish Senior Living Group in San Francisco.
Still, "all these things are interconnected," said Adam Greene, CEO and founder of Klaatch, a data-driven company focused on individual and community social connection.
"I think what's important going forward is people really need to be open to collaboration and to come to the table with that view, because I think there is amazing technology out there right now. It's developing all the time," he said.
"Seniors are showing that they're willing to adapt to that technology if it's introduced in the right way. I think if we start to work together more, integrate our activities more, the likelihood that we can build up what I would call a new infrastructure of community really goes up."
Source: Jessica Hagen October 07, 2022
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For La Kesha, and the millions of other women at the forefront of America’s entrepreneurship renaissance, business ownership is a path to financial freedom. One study by Boston Consulting Group found that in a pool of about 1,500 businesses, women-owned startups generated 10% more revenue than those founded by men over a five-year period. Despite this success, our financial system is not set up to support women entrepreneurs. Women account for only $1 out of every $23 in conventional small business loans, and in 2021, women raised just 2% of the venture capital funds distributed that year.
Loan and equity capital are vital but only part of the equation. Entrepreneurs like La Kesha also need business advice and coaching to get their enterprises off the ground, reach the right customers and create new jobs. Every founder benefits from mentors, advisors and a network of support.
Coaching has a demonstrable effect on small business success. For instance, one study found that business owners that received advisory support created 1.4 jobs within 1.7 years. Additionally, a small survey from the UPS Store found that 70% of its small business customers surveyed who received mentoring in some way survived more than five years. They also found that 88% of the customers in the survey reported that having a mentor was invaluable.
Women entrepreneurs often have less access to business networks and can, therefore, particularly benefit from mentorship and coaching. In fact, 61% of the entrepreneurs that came to Accion Opportunity Fund, the organization I lead, for business coaching in 2021 were women. In part, this may be because women business owners tend to own younger businesses and are less likely to have prior business ownership experience than men.
As a practice, business coaching can be provided in many different forms: classes and workshops, one-on-one coaching, mentorship, online learning, and peer learning. It can also touch on many different subjects, such as startup advice, accessing capital, certification and procurement, hiring and human resources and building a digital presence.
New business owners can particularly benefit from advice from more seasoned entrepreneurs. Starting a business is complex, and new business owners not only need to figure out how to access startup capital but also how to establish a presence, reach a customer base, and appropriately price their products or services. When La Kesha was thinking about starting her business, she worked with a coach at Accion Opportunity Fund. That early coaching helped her explore new ways to sell her products online and in person and build strategic partnerships with other local businesses to accomplish her sales goals.
Accessing and applying for capital is another key area where women can benefit from business coaching. According to research from Fundera, women frequently ask for less capital than men (and less than they need). Women are also approved for debt funding at a lower rate and pay higher average interest rates than their male counterparts. With help from a business coach, women entrepreneurs can right-size their loan requests and better avoid unscrupulous lenders who offer exorbitant interest rates and trap unsuspecting business owners in a cycle of debt.
As women lead the growth of new small businesses amid an ongoing labor shortage, coaching in hiring and human resources is especially important. Women-owned businesses employ approximately 9 million people. But most small-business ventures have limited human resources capacity—often, the founder/entrepreneur does all the hiring, retention, benefits and termination work themselves. Business coaching can provide women entrepreneurs with advice on building company culture, standardizing internal operations and staying in compliance with local and federal employment laws.
Business coaching can also facilitate innovation on a limited budget. The pandemic spurred many entrepreneurs to go digital. In 2020, 2.8 million more online microbusinesses (<5 employees) were created versus 2019—unsurprisingly, it was primarily women, many of whom urgently needed flexible hours to contend with childcare responsibilities, who led this growth. Business coaching can advise women entrepreneurs on how to create and manage websites and social media to reach new customer bases, as well as how to facilitate online transactions to increase revenue.
It’s clear that business coaching is a critical resource for women entrepreneurs to build their companies. Yet, with women-owned businesses generating $1.8 trillion in annual economic activity, this investment in women’s business success is also important for our economy as a whole.
As the country faces whatever economic road bumps may come our way, we must not cut ourselves off from a tremendous source of entrepreneurial dynamism that can fuel job creation, economic growth and global competitiveness. We need to build a more inclusive economic system—one that provides business coaching and advice to women entrepreneurs like La Kesha Wash, along with fairly-priced and sufficient investment to ensure businesses and their owners can thrive.
Sources: Luz Urrutia
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In a viral video captured by the elderly man’s granddaughter, two staff members at Solidago Health and Rehabilitation in Texas City can be seen dragging and kicking the man before slamming him onto the bed and drawing the curtain. The facility, which had previously been known as The Resort, had informed the family that the man had “fallen out of bed.” Little did they know, the granddaughter had installed her own camera in her grandfather’s room.
“We went back on the video footage and my grandfather had not fallen he slid off the bed,” the granddaughter anonymously told ABC13. “That’s when I started recording the video I had posted.”
The young woman, who goes by Nayeli Salinas on Twitter, said her family had installed a camera in his room because of previous incidents involving staff at Solidago Health and Rehabilitation.
“I was furious for a second. I had time to cool off, and I was just speechless,” she said. “I know it does happen, but I didn’t think it would happen to my grandfather.”
“My grandfather was being abused today @ the resort in TexasCity. He was sent out for a fall, I went to the nursing home, & they didn’t know where he was sent to, I asked questions regarding to the video, and they asked me to leave. Is this how nursing homes should treat patients?” she wrote in the caption of the original video.
She then followed it up with a photo of her grandfather with two black eyes.
“In the video footage after closing the curtain they spend 20 minutes with him,” she wrote. “Im so fucking disgusted, I found my grampa with both of his eyes bruised and with a neck brace on.”
It’s unclear yet if any criminal charges will be filed against the facility or its staff members, but Solidago shared the following response with ABC13.
“The health and safety of our residents remains our first priority,” they said in a statement. “Our thoughts are with the resident and the family. Solidago Health and Rehabilitation enforces strict policies prohibiting patient abuse. Prompt action has been taken to ensure our residents are safe. Any violations of the abuse policy are reported to the appropriate agencies and legal authorities and the facility works closely with those agencies.”
According to Texas Health and Human Services Commission records, inspectors discovered 11 violations of state standards at Solidago during their most recent check-in last July.
Source: Complex Media
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Social Security's annual cost-of-living adjustment was a substantial 5.9% in 2022 -- equal to an additional $93 a month on average.
By June, though, the Consumer Price Index had risen to 9.1%. The CPI charts year-over-year price changes for goods and services and determines the annual adjustment to Social Security benefits. It dipped to 8.5% in July -- and was 8.3% in August -- but it's still outpacing the Federal Reserve's target of 2% by a huge margin.
The 2023 cost-of-living-increase, or COLA, will be announced in October and experts believe Social Security checks could go up at least 8.7% next year, the biggest increase in more than 40 years.
"A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today," Mary Johnson, policy analyst for the nonprofit Senior Citizens League, said in a statement. In fact, the COLA has only surpassed 7% five times since 1975.
How much more could seniors see in the Social Security checks next year? When will the new benefit rates be announced? Read on to find out.
How much will Social Security benefits increase in 2023?
The Social Security Administration will disclose the 2023 cost-of-living adjustment in mid-October. Predictions have fluctuated greatly: In June, the nonpartisan Committee for a Responsible Federal Budget estimated benefits would increase as much as 10.8% to account for inflation, or almost $180 extra in monthly benefits on average.
The following month, Marc Goldwein, the organization's senior policy director, tweeted that if inflation remained on its then-current trajectory, the increase would be 11.4%, the highest ever.
Richard Johnson, director of the retirement policy program at the Urban Institute, told AARP on Aug. 10 that "somewhere in the 9% range is probably a reasonable guess."
A 9% cost-of-living adjustment would add about $150 to most Social Security checks, or an additional $1,800 a year on average.
Last month, the Senior Citizens League foresaw a 9.6% COLA in 2023. With August's inflation data in, the organization has revised its prediction to a more conservative 8.7%. The average Social Security check is $1,657 -- if the 8.7% bump is correct, that would work out to an increase of about $144 a month, or about $1,730 for the year.
Separate from any COLA increase, a bill before Congress could see Social Security recipients getting an additional $2,400 a year in 2023. Introduced by Rep. Peter DeFazio and Sen. Bernie Sanders, the Social Security Expansion Act would add $200 to each monthly check for anyone currently receiving benefits or who will turn 62 next year. The measure, however, hasn't moved forward since it was introduced in June.
Another proposal from Rep. John Larson, Democrat of Connecticut, would change how the COLA is calculated, putting greater emphasis on the cost of goods and services that impact seniors, like food, housing, apparel and medical care.
Larson's bill would also set a new minimum benefit of 25% above the poverty line, eliminate the current five-month waiting period to receive payments and provide caregiver credits to people who leave the workforce to care for children or other dependents.
When will I know what my Social Security benefits are for 2023?
The Bureau of Labor Statistics is scheduled to announce inflation data for September on Oct. 13, and the Social Security Administration typically announces the cost-of-living adjustment issues soon after -- in some cases on the same day.
Beneficiaries should then receive letters detailing their specific benefit rate. If you miss this letter, you can still verify your increase online via the My Social Security website. The COLA goes into effect with December benefits, which appear in checks received in January 2023.
When will I see the increase in my Social Security checks?
Social Security payments are made on Wednesdays, following a rollout schedule based on the beneficiary's birth date.
If you were born from the 1st through the 10th of the month, your benefits are paid on the second Wednesday of the month.
If your birthday falls between the 11th and 20th of the month, your checks are paid on the third Wednesday, and you'll see your first COLA increase on your Jan. 18 check.
Those born between the 21st and the end of the month receive benefits on the fourth Wednesday, which, in 2023, is Jan. 25.
Source: CNET
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The event, centered around technology and innovation, featured both panel sessions and collaborative discussions, resulting in key takeaways that can help in planning for the needs of seniors and their caregivers.
Operators have many competing priorities, so it can be challenging to take time out of daily needs in order to evolve to new and better solutions.
In the 2022 State of Fall Research Report, 80% of operators who were surveyed said technology was highly effective in reducing falls, but many expressed dissatisfaction and were overwhelmed when it came to implementing new systems, due to not only the time commitment involved, but also staff shortages, barriers to training and the cost of the technology itself.
With all of the obstacles that the COVID-19 pandemic created, the unique situation did give operators the chance to focus on technological solutions, particularly when it came to mitigating isolation. Yet greater needs were also uncovered. John Cochrane, president and CEO of HumanGood, said, “COVID amplified our need and absolutely accelerated our adoption of technology [within senior living communities]. And as we look to create a culture of innovation, something that I couldn’t get people to buy into five years ago, they are now saying, ‘I get it.’ But if new tools don’t make operators’ lives easier on day one, they’re out of here.”
With the appropriate internal resources and partners, new innovations can help operators solve the big problems of today, and look to the future to improve the living situation of seniors under their care.
Strategic Partnerships: Find trusted technology partners to drive innovation
Typically, senior living operators are not found in the same room as venture capitalists. They are in different lanes and play different roles within our society. It is a mistake to assume that this means collaborations between the two are unnecessary or unprofitable. Creating forums to exchange ideas enables both groups to learn from each other and provide compelling insights that can drive the business of senior living forward.
Operators need to commit to their technology partners in order to create the path for more technology investment in senior living. Those partnerships are critical, as they enable innovation through the lens of users’ — residents and/or clinical staff — in order to create solutions that are effective, drive value and address real pain points. Once that value is proven, additional technology investment in senior living will follow.
Measurement: Identify, communicate and measure goals
Clear goals and timely feedback are the cornerstones of any strong business plan, and technology in the senior living space is no different. Innovation does not exist to implement and walk away. Ongoing measurement and strategic conversations on insights derived are critical to inform optimizations that drive results.
There is an opportunity for senior living operators, capital and technology partners to improve communication. Operators should relay their needs and what types of solutions might be helpful. Tech providers should seek feedback and continually update system features, and capital partners should communicate their investment goals and what success looks like from a business standpoint.
For example, any solution meant to improve the resident experience should have an agreed-upon outcome before it is implemented. How will the outcome be measured? What needs to be accomplished to declare victory and move on to next steps? These questions should be considered and answered by each party so that everyone is on the same page and achievements are transparent..
Currently, pilots lack the structure and accountability to drive decisions quickly. Innovators are agile and can pivot quickly when operators are judicious in their evaluations. If the goals and commitments are agreed upon upfront, it’s easier for all parties to validate success. Dragging out decisions or pilots will stall (or stop altogether) innovation.
As senior living communities look to the future, technology undoubtedly has a place in the conversation. With the proper resources, open communication and a continuous feedback loop, innovation can propel the industry forward in a way that is meaningful for seniors, providers and stakeholders.
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