I recently read an interesting article about PACE. Here is more information about the program.

PACE is an All-inclusive Care Program for the Elderly . The model is centered around the belief that it is better for the well-being of seniors with chronic care needs and their families to be served in the community whenever possible.

According to the National PACE Association, there are 16,000 participants in PACE nationwide. The average client is 80 and takes eight prescription medications. Participants have to be 55 or older, certified by their state to need nursing home care and be able to live safely in the community.

Each PACE program receives a fixed amount per person from a patient’s state Medicaid program — usually 85% to 90% of estimated nursing home costs. Medicare funds come through a risk-adjusted formula in which the program receives more for sicker enrollees. PACE becomes both the patient’s insurer and care provider and is obliged to pay for all of the patient’s medical care from the point of enrollment forward.

Services include:

Delivering all needed medical and supportive services, the program is able to provide the entire continuum of care and services to seniors with chronic care needs while maintaining their independence in their homes for as long as possible. 

Care and services include:

• Adult day care that offers nursing; physical, occupational and recreational therapies; meals; nutritional counseling; social work and personal care
• Medical care provided by a PACE physician familiar with the history, needs and preferences of each participant
• Home health care and personal care
• All necessary prescription drugs
• Social services
• Medical specialists such as audiology, dentistry, optometry, podiatry, and speech therapy
• Respite care
• Hospital and nursing home care when necessary

The benefits of PACE are that participants are supported by a coordinated medical team that the federal government hopes will cut costs and improve life for the elderly.

Shares of Emeritus fell 15 percent today. The shares dropped from $1.56 to $8.82, their lowest level in four years. Emeritus is a nationwide provider of assisted senior housing also reported a third-quarter loss of $23.1 million.

The Seattle company, one of the largest in its field, wasn’t the only senior housing company battered by the market. Leading competitors Sunrise Senior Living and Brookdale Senior Living fell 21 percent and 18 percent, respectively.

Emeritus’ third-quarter revenue of $193 million was up from $187 million in the second quarter, while its net loss shrank from the second-quarter loss of $25.2 million.

The Silver Alert system notifies law enforcement agencies and the general public when an adult has disappeared or has gone missing. Recent reports suggest that up to 14 million seniors will develop Alzheimer’s disease in the next few decades, and that up to half of them are likely to wander. The bill would allow for up to $5 million per year between 2009 and 2013 to be spent implementing the silver alert system.

The bill, the National Silver Alert Act (H.R. 6064), also would reauthorize Kristen’s Act, which was established to create a national database to track missing adults who are endangered due to age or diminished mental capacity. The Kristen’s Act re-authorization would provide an additional $4 million per year over the next decade to help families locate and recover missing adults.

Brookdale Senior Living Inc. shares lost more than a third of their value Thursday, plunging for a second-straight day in the wake of weak third-quarter results.

Stock in the nation’s largest provider of senior-care facilities fell $3.43, or 36.5 percent, to close at $5.96, after sinking as low as $5.89, the lowest level in Brookdale’s three years as a publicly traded company.

On Wednesday, the stock lost 15.5 percent, to finish at $9.39.Analysts raised questions about the company’s balance sheet and cost pressures and suggested its difficulties are likely to continue into 2009.

source: associated press

A form of vitamin B3, Nicotinamide has been found to get rid of Alzheimer’s disease-related memory problems in lab mice, according to new research. Vitamin B3 is available over the counter at a low price.

The study showed that when mice that were bred to exhibit symptoms of Alzheimer’s received the human equivalent of two or three grams of B3, they acted as if they had never developed the disease, said one University of California researcher.

The vitamin acts in the brain to clear tau “tangles,” of Alzheimer’s disease. While the vitamins are available over the counter and are relatively safe, researchers warn that high doses such as the ones used in the study could potentially be dangerous. Researchers are currently enlisting people for human trials. Their research appears in the November 5 online version of the Journal of Neuroscience.

As demand for hospice care has increased, so have the number of programs nationwide. Today, there are about 4,700 providers, up from about 3,300 five years ago, according to NHPCO. While the majority of providers are nonprofits, the for-profit sector is growing, accounting for 47.1 percent of hospice agencies last year.

Hospice is intended for any person who has a terminal illness and a prognosis of six months or less to live. Depending on the needs of each patient, care can include pain management, medications, medical supplies and equipment, and assistance with the emotional, psychological, and spiritual aspects of dying. A hospice team usually consists of nurses, home health aides, social workers, bereavement counselors, and clergy, as well as a hospice physician and the patient’s personal physician.

The benefit for Medicare and Medicaid patients is remarkably magnanimous. Medicare pays out $601 per patient per day for inpatient hospice care (and $789 per day for the typical patient who gets 24-hour home care), yet there are no copays, deductibles, or out-of-pocket expenses for the beneficiary. Private insurer hospice benefits offer a variety of hospice services, though they’re typically not as generous, according to the Hospice Association of America. To get Medicare or private insurance to cover hospice care, a patient needs only a physician’s referral. Hospice care is usually provided in the patient’s home. It can also be made available at a special hospice residence designed with a homelike atmosphere, or in assisted living or skilled nursing facilities.

The Senior Lending Network(R), a leader in reverse mortgages, announced today the company is further developing and strengthening its brand to reflect its new tagline, “We can change your life.” In line with this strategy, Senior Lending Network also is introducing an enhanced logo, which better reflects its trustworthy reputation and consolidates all of its sub-brands under the Senior Lending Network name.

“We are committed to helping seniors,” stated David Peskin, chief executive officer of Senior Lending Network. “And we believe this updated brand reinforces the strength and stability of our company. These days, with current economic conditions as they are, we are seeing more seniors turn to Senior Lending Network to change and improve their lives.
We anticipate that the need for a Senior Lending Network reverse mortgage will continue to increase, especially as more and more baby boomers turn 62.”

This brand evolution is the result of one-on-one interviews with customers, partner brokers and staff, to understand why homeowners seeking reverse mortgages choose Senior Lending Network over other lenders. The interviews revealed that the ‘Senior Lending Network’ name is well known and highly regarded, and seniors have an emotional connection to receiving a reverse mortgage from this established brand.

To consolidate its position as one of the most trusted lenders for reverse mortgages, the company is simplifying its sub-brand structure to one brand: World Alliance Financial Corp. is now Senior Lending Network (for the Corporate and Retail Divisions); Lender Lead Solutions is now Senior Lending Network (Wholesale Division) and Lender Lead Solutions University is now Senior Lending Network University. The company also will continue to work with Robert Wagner, a trusted spokesperson whose reputation resonates with both seniors and their caregivers.

The company hopes these changes will further strengthen the relationship between seniors and Senior Lending Network.

Slipping and falling can cause more than just a cut orbruse.Tumbles are costing Albertans some serious coin.

The province says it wants to change that.Today, it’s launching Finding Balance, an awareness campaign aimed at educating seniors on the importance of leading healthy lifestyles.The program will include lessons on improving health and wellness, as well as tips on making homes safer.

“Those who have cared for parents or grandparents know that as seniors age they are more likely to fall and suffer an injury,” Premier Ed Stelmach said in a news release.

“In fact, falls are the leading cause of injury-related hospital admissions for older Albertans, so this campaign focuses on educating our seniors in avoiding the potentially very serious consequences of losing their balance.”

According to the Alberta Centre for Injury Control and Research, seniors falling cost the Alberta economy almost $88 million in 2003.

At that rate, the figure could swell to $250 million by 2033, the province warns.

In 2006, tumbles led the charge of injury-related hospital visits, officials said. About 20 such admissions were logged in Alberta each day.

Of course, saving cash isn’t the only concern, said ACICR’s associate director.

Kathy Belton said those involved in the initiative will likely lead to a healthier flock of seniors who will be able to enjoy independence and a higher quality of life.

As the leader in the group long term care market, Unum provides an annual review of sales and claims trends each fall in recognition of Long Term Care Awareness Month in November.

“We carefully track these trends so we understand the needs of our customers,” said John Noble, director of long term care products for Unum. “More people expect to be able to receive care at home, and making that possible is an important element of long term care coverage.”

Of Unum’s inforce policies, 93.4 percent are purchased to cover some type of home care. And nearly 70 percent of Unum’s group customers use their long term care benefits for care that occurs in the home.

Unum holds 76 percent of the group long term care market and has ranked No. 1 in the industry in terms of inforce cases and insured individuals for the past three years. In 2007, Unum covered 653,038 people under its long term care policies.
Further analysis of the group long term care sales data reveals:

– Women represent the majority (52 percent) of the purchasing population.
– The average age of a purchaser of a group long term policy is 43.5.
– Unum experienced a 37-percent increase in new long term care cases sold in 2007 compared to 2005.
– The top five industries purchasing group long term care insurance are law firms, physicians, insurance brokerages, management consulting services and engineering firms.
– The top five states purchasing long term care insurance are California, Florida, Ohio, Texas and Georgia.

Unum revealed in last year’s Landscape of Long Term Care a dramatic increase in employer-funded policies. The trend continued into 2007, with 90 percent of new group long term care cases being employer-funded.

This year, Unum reveals insight into those businesses. More than 53 percent of employers offering long term care coverage have 250 employees or fewer. More than 36 percent of those employers have fewer than 100 employees.

“We continue to see the smaller to mid-level employers willing to offer long term care coverage to their employees and also fund some of the cost,” said Noble. Unless referenced otherwise, the statistics included in this news release are based on Unum internal data as of 2007.

New rules passed by Congress this summer and set to take effect Nov. 1 have beefed up the federally insured reverse-mortgage program, raising loan limits and lowering origination fees. Called Home Equity Conversion Mortgages (HECM), these loans let seniors age 62 or older tap into the value of their home to get tax-free cash.

To be sure, the timing of the rule changes comes amid a maelstrom in the overall mortgage and housing markets. But industry experts say that lenders are still providing HECMs, which are insured by the Federal Housing Administration (FHA).

In contrast, reverse mortgages built and backed by private lenders are in short supply. According to those who work in the reverse mortgage industry, HECMs account for more than 90 percent of the reverse-mortgage market and currently represent about 99 percent of reverse mortgages being made.

Until a recent slowdown in their growth, HECMs’ popularity had been soaring, especially during the mid-decade years. Yet, their market penetration remains only about 1 percent of those eligible to receive them.

Reverse mortgage loans are based on a person’s home as collateral, not on their income or creditworthiness. The loan can be obtained as a lump sum, line of credit, monthly payments, or a combination of these ways. The money is not repaid until after the homeowner dies or otherwise permanently leaves the house. After that, the borrower or his heirs repay the loan, plus compounded interest on it. But the size of the repayment cannot exceed the home’s value.

The actual size of a reverse-mortgage loan depends on the age of the borrower, the value of the home, closing costs, and current interest rates. Generally, the older the borrower, the more valuable the home, the lower the interest rate, the more money a reverse mortgage can provide.

Experts say the new rules more closely align HECMs with today’s home values while boosting safeguards for elder borrowers. Among the key provisions:

•Loan limits will be raised to $417,000 nationally, versus the prior limit, set on a county-by-county basis, ranging from $200,160 to $362,790.

•Origination fees will be capped at 2 percent on the first $200,000 and 1 percent on any amount above that, with a inflation-adjustable limit of $6,000. The prior cap was 2 percent of any loan amount.

•HECMs can be used to contribute to the purchase of a new residence – an option that may be popular with seniors who want to downsize their living space.

•HECMs can be obtained on co-operative properties. Previously, reverse mortgages were limited to single-family houses, townhouses, and condominiums.

•Beefed up consumer protections. Some seniors have complained about being urged to use their loan money to buy other financial products – annuities, life insurance, long-term care insurance – that were either inappropriate or they didn’t need. To address such abuses, reverse-mortgage lenders will be barred from selling other financial products to its customers.

Most aspects of the latter three changes will take affect in the coming months.