As the Senate moves forward with their Obamacare replacement, there is one thing that clearly emerges; Medicaid is going to be slashed. For those of you who think, I don’t need Medicaid. Medicaid goes to others. It goes to “the takers.” It goes to “the poor.” “To minorities.” “To uneducated…”
Let me let you in on a dirty little secret. While seniors make up only 8% of those on Medicaid, they represent 16% of expenses. Two thirds of nursing home money is spent by Medicaid.
Let’s do some math. The number of people over the age of 65 will double over the next 20 years. Those greater than 85 will more than triple. The average nursing home bed costs more than $82,000 a year. If we keep funding static, we cannot handle this Senior Care Tsunami. No take funding and cut it by 25%. Now maybe Congress will decide to pay for elders by screwing children. It’s possible…
The fact remains that money for caring for our seniors will become increasingly limited. We must come together to support our parents and grandparents. Even with current funding, we fall far short. Our only hope is to innovate our way out. I urge anybody interested in this topic to check out Room2Care. Room2Care leverages the power of the sharing economy to provide care and support at a fraction of the cost of existing solutions. Unless Senator McConnell can summon Rumpelstiltskin to spin straw into gold to the benefit of our seniors, the United States will need to rely on innovation in the senior care space.