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Old Yesterday, 08:47 PM
 
25,362 posts, read 27,687,003 times
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Quote:
Originally Posted by GeoffD View Post
The reality is that unfunded pension liability isn’t all that big a problem compared to others. Medicaid is what is going to crush state budgets. Medicaid pays for 70% of nursing home beds. As the population ages, that’s going to be a huge burden. Take Massachusetts as an example. 25% of the state budget is Medicaid. 1/3 of that is nursing home spending. Then project out 30 years when the last of the Boomers all land in nursing homes. Medicaid spending jumps to almost half of the state budget. The unfunded pension stuff is lost in the noise. It’s not just limited to Massachusetts. All states face this ticking time bomb though the affluent states feel it more because they pay 50% of the Medcaid bill. In Mississippi, the Feds pay 73% of the Medicaid bill.
^^I agree. While pension costs are significant, health care costs are crazy. Medicare/Medicaid are not doing a good job controlling costs. For what we spend on these programs, we should have universal coverage without having to spend another dime of taxpayer money.
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Old Today, 01:01 AM
 
6,795 posts, read 2,820,396 times
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Quote:
Originally Posted by Thatsright19 View Post
No rich people and no corporations sounds like a paradise for some of the economic crackpots here.
The cost of housing would go through the floor as there would be no rich people over bidding the prices up. Corporations are engaged in constant lay offs and destabilize peoples lives.

With corporations and rich people gone it would be a boon for small business so long as the state gave special favor to small business and start ups with massive tax breaks.

Which state is this? Where do I sign up? No Wal Marts either.

Although one mega corp I do like and I think they are extremely responsible is Costco. I would need a Costco.
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Old Today, 01:04 AM
 
6,795 posts, read 2,820,396 times
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Quote:
Originally Posted by grampaTom View Post
Just pointing out that only about 5% of people over 65 reside in nursing homes. We are not "all" heading there.
Thats true, some people go striaght to hospic.
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Old Today, 03:02 AM
 
12,767 posts, read 6,669,873 times
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Quote:
Originally Posted by grampaTom View Post
Just pointing out that only about 5% of people over 65 reside in nursing homes. We are not "all" heading there.
That is incorrect. You are confusing the percentage of seniors in long term care now with the percentage that will need long term care eventually. You don’t turn 65 and head straight into a nursing home. Medicaid also pays for in-home care. The future impact to state budgets for this is enormous and dwarfs unfunded pension liability.
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Old Today, 06:05 AM
 
Location: Eastern Tennessee
2,482 posts, read 1,692,470 times
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Quote:
Originally Posted by GeoffD View Post
That is incorrect. You are confusing the percentage of seniors in long term care now with the percentage that will need long term care eventually. You don’t turn 65 and head straight into a nursing home. Medicaid also pays for in-home care. The future impact to state budgets for this is enormous and dwarfs unfunded pension liability.
A quick google search will show you that the percentage of seniors in LTC has been stable at less that 6% for many years. By far the largest percentage of seniors never go in LTC. Many will need short term care (fracture or surgical rehab, stroke rehab etc). There are many more people under age 65 who are on medicaid.
Do a little research.
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Old Today, 08:55 AM
 
3,397 posts, read 2,906,792 times
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Quote:
Originally Posted by grampaTom View Post
Just pointing out that only about 5% of people over 65 reside in nursing homes. We are not "all" heading there.

65 is far younger than most nursing home residents. How about those older than 85? Live long enough and you'll likely get the pleasure of having a disgruntled, minimum wage worker deciding whether to change your diaper now or let it ride until the next shift.
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Old Today, 10:30 AM
 
Location: Tennessee
22,309 posts, read 16,460,702 times
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Quote:
Originally Posted by grampaTom View Post
A quick google search will show you that the percentage of seniors in LTC has been stable at less that 6% for many years. By far the largest percentage of seniors never go in LTC. Many will need short term care (fracture or surgical rehab, stroke rehab etc). There are many more people under age 65 who are on medicaid.
Do a little research.
The correct way to look at it is percentage of seniors that have or will spend some time in LTC facilities. A grandfather of mine spent a significant amount of time in LTC. He did not there. He actually improved a bit, went home, and was dead in a few months from a heart attack. He should definitely be counted in those stats, even though he didn't die in the facility.
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Old Today, 02:01 PM
 
Location: Central CT, sometimes NH.
3,341 posts, read 5,017,064 times
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The primary problem of the high cost states is pension and benefits costs for state employees and teacher pensions. In CT the state failed to make required contributions to the teachers' pensions for years. The state also borrowed money from pension funds when they were growing and failed to contribute when they were not. The state workers and teachers pension contributions are very different. State workers in the past contributed very little toward their pension based on the fact that their salaries were typically lower than the private sector. They pay into SS and are eligible for full SS benefits. However, the teachers contribute an amount equal to SS into the teachers pension. They do not pay SS and are not eligible for their full SS contributions they made from other employment unless they had 30 years or more of significant earnings.

It is a complicated problem as it is not a cost that can just be reduced or eliminated, especially for the teachers, as most teachers will not be eligible for any SS when they retire and they fully rely on the pension. As of last year teachers now pay 2% above the SS rate. Changes need to be made because the majority of the young people entering the field and those entering as a second career are adversely affected by the structure of the pension plan and the WEP offset of SS. It is conceivable that a new teacher staying in teaching for less than ten years would receive no pension or any SS credit for nearly a decade of their working career.
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