Keeping the elderly at home

Happy mature Couple in Meeting With AdvisorA number of private firms are getting into the business of keeping older Americans in their homes and out of nursing homes.

Until recently, only non-profits were allowed to run programs aimed at doing this.

But a year ago the government opened a little known Medicare program up to private for-profit firms.

The question is how well will private companies do this work?

A story in the New York Times said the business appeal is clear: a baby boom fueled surge in government health care spending is coming.

Medicare enrollment is due to trow by 30 million people in the next two decades.

The program is known as PACE or Program of All-Inclusive Care for the Elderly. It seeks to help frail, older Americans live longer and more happily in their own homes.
It also promises to save millions by keeping people out of nursing homes.

Still, not many people are enrolled. That’s why private equity firms and entrepreneurs have jumped into the game. One, InnovAge, has led the way in Colorado. The company is paid by Medicare to arrange and pay for all of a patient’s doctor’s visits, medications, rehabilitation and hospitalizations. They also pay attention to the patient’s daily needs — bathing, meals and transportation to day centers where they can socialize.

The jury is still out on how well this is going to work.

If you have questions about elder law, feel free to contact us for a consultation at (626) 696-3145.

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