Business Week Special Report on Aging in Place, Where do Reverse Mortgages Fit?

October 1st, 2009 | by John Yedinak Published in News, Reverse Mortgage, Technology | 38 Comments

Business Week published a special report on how technology is helping baby boomers age in place and how these systems could save billions in health care.

As an example, Business Week describes how Ronald Lang, a 63-year-old patient who suffers from congestive heart failure and multiple sclerosis, was pilot-testing the Intel Health Guide, a device that let doctors monitor his health remotely. According to BW:

Each day after he woke up, he’d step on a scale and strap on a blood-pressure cuff that were attached to the Health Guide. The device collected his vitals and zapped them to his doctor’s office. From there, nurse Marie DiCola scoured the data, and if she noticed anything amiss, she dialed up Lang and chatted with him over Health Guide’s videophone.

It’s devices like these that will enable seniors to spend more time in their home instead of at doctors offices and companies like Intel are helping to make it happen. In April, Intel and General Electric announced they would spend $250 million over the next five years to co-develop products that will help seniors manage chronic conditions from home.

As part of the deal GE will resell Intel’s Health Guide. The partnership also gives Intel access to monitoring technology, which could ultimately enhance Health Guide’s capabilities. GE markets a product called QuietCare, which uses sensors stationed throughout the home to keep an eye on seniors as they go about their day-to-day lives.

What motivated Intel to get involved in this type of technology? Louis Burns, VP and general manager of Intel’s digital health group said that after they examined the demographics, they found an "overwhelming, undeniable" opportunity.

One of the challenges that company’s entering this field are facing is how to pay for the care. Yet another reason, why reverse mortgages will play an important role as more boomers opt to use this type of care in their homes.

Intel Wants You to Age Gracefully, at Home

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Anonymous

My reverse mortgage friends any comments?
Anonymous

My reverse mortgage friends any comments?
Anonymous

Thanks to Ms. Orlov. I just had a chance to check out the site she mentioned: selfhelp.net. rnAmong the very useful sevices they have was something called: “Community Guardian Program.”rnThis is interesting because I was wondering how seniors with limited financial experience could even consider an RM, or those that don’t wish to involve family members in their financial moves. Here’s the quote from the site:rn”We apply for benefits and grants, find apartments, sign leases and arrange for insurance. We oversee real estate and other assets. With court permission, we may sell property, arrange for a mortgage or reverse mortgages. We also work to resolve eviction cases for our guardian clients.”rnAre there other localities that provide this kind of service?
Anonymous

Ms. Orlov,rnCould you clarify that the actual costs of housing in a facility are not covered by Medicare? Are you a GCM?
Anonymous

Thanks to Ms. Orlov. I just had a chance to check out the site she mentioned: selfhelp.net. rnAmong the very useful sevices they have was something called: “Community Guardian Program.”rnThis is interesting because I was wondering how seniors with limited financial experience could even consider an RM, or those that don’t wish to involve family members in their financial moves. Here’s the quote from the site:rn”We apply for benefits and grants, find apartments, sign leases and arrange for insurance. We oversee real estate and other assets. With court permission, we may sell property, arrange for a mortgage or reverse mortgages. We also work to resolve eviction cases for our guardian clients.”rnAre there other localities that provide this kind of service?
Anonymous

Technology described in the business week article is generally not paid for by Medicare. However, there are various examples of subsidized programs that cover the housing, social services, home health care and the associated technology fits into those. Examples include: See Selfhelp.net, the website for subsidized independent living in the Queens, NY area — residents who need it get the QuietCare unit. New Courtland in Philadelphia is the same using Healthsense technology. When tech crosses into telehealth, Medicare pays.
Anonymous

Ms. Orlov,rnCould you clarify that the actual costs of housing in a facility are not covered by Medicare? Are you a GCM?
Anonymous

Technology described in the business week article is generally not paid for by Medicare. However, there are various examples of subsidized programs that cover the housing, social services, home health care and the associated technology fits into those. Examples include: See Selfhelp.net, the website for subsidized independent living in the Queens, NY area — residents who need it get the QuietCare unit. New Courtland in Philadelphia is the same using Healthsense technology. When tech crosses into telehealth, Medicare pays.
Anonymous

Harrumph, I’ll have to study that question and take it under advisement (political translation: I have no idea). Seriously, I doubt it. GCMs, feel free to chime in.
Anonymous

Harrumph, I’ll have to study that question and take it under advisement (political translation: I have no idea). Seriously, I doubt it. GCMs, feel free to chime in.
Anonymous

I’m sorry, I realize Medicare does not pay for LTCI; however does Medicare pay for medical devices such as that described in the story?
Anonymous

I’m sorry, I realize Medicare does not pay for LTCI; however does Medicare pay for medical devices such as that described in the story?
Anonymous

Medicare does not pay for LTC. However, I am FAR from being a Medicaid/Medicare expert. (Perhaps those counselors your industry has, among their other expertise, can answer that.) I also don’t know how having a lump sum, LOC, or tenure money from an RM can affect Medicaid eligibility. LTCI: depends on the policy as far as paying for renovations and other expenses. In general the better ones do. The more responsible companies have the goal of minimizing expenses, so they would like people to stay at home (especially for so called indemnity polices, where bills are presented to the insurance company and get out of claim status faster). I don’t know about the kind of technology mentioned in BusinessWeek. In any case, money sure helps solve a lot of problems.rn (Notice I did not mention LTCI, above?)
Anonymous

dduck12,rnrnI agree. Do most LTCI policies provide benefits for this type of technology? rnrnDoes anyone know if Medicare provides such a benefit?rnrnWhile the demand for HECMs may wane during the period of 10% reductions to Principal Limits, other economic factors will spur seniors who might not otherwise consider a HECM to obtain one offsetting some of the expected downturn. Cuts to Medicare and Medicaid benefits along with new medical technology will be among the factors driving seniors to consider HECMs next year.
Anonymous

Medicare does not pay for LTC. However, I am FAR from being a Medicaid/Medicare expert. (Perhaps those counselors your industry has, among their other expertise, can answer that.) I also don’t know how having a lump sum, LOC, or tenure money from an RM can affect Medicaid eligibility. LTCI: depends on the policy as far as paying for renovations and other expenses. In general the better ones do. The more responsible companies have the goal of minimizing expenses, so they would like people to stay at home (especially for so called indemnity polices, where bills are presented to the insurance company and get out of claim status faster). I don’t know about the kind of technology mentioned in BusinessWeek. In any case, money sure helps solve a lot of problems.rn (Notice I did not mention LTCI, above?)
Anonymous

dduck12,rnrnI agree. Do most LTCI policies provide benefits for this type of technology? rnrnDoes anyone know if Medicare provides such a benefit?rnrnWhile the demand for HECMs may wane during the period of 10% reductions to Principal Limits, other economic factors will spur seniors who might not otherwise consider a HECM to obtain one offsetting some of the expected downturn. Cuts to Medicare and Medicaid benefits along with new medical technology will be among the factors driving seniors to consider HECMs next year.
Anonymous

“Is Home Always So Sweet” in New York Times, June 6, 2009:rnhttp://newoldage.blogs.nytimes.com/2009/06/04/is-home-always-so-sweet/rnrnpoints out that sometimes seniors would be better off in a facility than at home.rnPerhaps working with a Geriatric Care Manager (GCM): (http://www.caremanager.org/index.cfm) the family determines that home is not best. Although, as the BusinessWeek article pointed out, there may not be enough slots available in facilities in the future (all those baby boomers), some people may qualify for Medicaid (twindling supply and sometimes lesser quality) and find a slot. However, for a certain percentage of folks that don’t qualify for Medicaid, the need for money to pay for home or institutional care is critical. RMs may help provide those funds. Alternatively one could ask the kids, if one has them, for part of their inheritance. Preparing home for geriatric living also has out of pocket costs: renovating bathrooms, installing ramps, etc. My point is that RMs provide options to seniors and their families and I hope, as someone said in a post, politicians and their aides read these blogs.
Anonymous

“Is Home Always So Sweet” in New York Times, June 6, 2009:rnhttp://newoldage.blogs.nytimes.com/2009/06/04/is-home-always-so-sweet/rnrnpoints out that sometimes seniors would be better off in a facility than at home.rnPerhaps working with a Geriatric Care Manager (GCM): (http://www.caremanager.org/index.cfm) the family determines that home is not best. Although, as the BusinessWeek article pointed out, there may not be enough slots available in facilities in the future (all those baby boomers), some people may qualify for Medicaid (twindling supply and sometimes lesser quality) and find a slot. However, for a certain percentage of folks that don’t qualify for Medicaid, the need for money to pay for home or institutional care is critical. RMs may help provide those funds. Alternatively one could ask the kids, if one has them, for part of their inheritance. Preparing home for geriatric living also has out of pocket costs: renovating bathrooms, installing ramps, etc. My point is that RMs provide options to seniors and their families and I hope, as someone said in a post, politicians and their aides read these blogs.
Anonymous

My reverse mortgage friends any comments?
Anonymous

Thanks to Ms. Orlov. I just had a chance to check out the site she mentioned: selfhelp.net. rnAmong the very useful sevices they have was something called: “Community Guardian Program.”rnThis is interesting because I was wondering how seniors with limited financial experience could even consider an RM, or those that don’t wish to involve family members in their financial moves. Here’s the quote from the site:rn”We apply for benefits and grants, find apartments, sign leases and arrange for insurance. We oversee real estate and other assets. With court permission, we may sell property, arrange for a mortgage or reverse mortgages. We also work to resolve eviction cases for our guardian clients.”rnAre there other localities that provide this kind of service?
Anonymous

Ms. Orlov,rnCould you clarify that the actual costs of housing in a facility are not covered by Medicare? Are you a GCM?
Anonymous

Technology described in the business week article is generally not paid for by Medicare. However, there are various examples of subsidized programs that cover the housing, social services, home health care and the associated technology fits into those. Examples include: See Selfhelp.net, the website for subsidized independent living in the Queens, NY area — residents who need it get the QuietCare unit. New Courtland in Philadelphia is the same using Healthsense technology. When tech crosses into telehealth, Medicare pays.
Anonymous

Harrumph, I’ll have to study that question and take it under advisement (political translation: I have no idea). Seriously, I doubt it. GCMs, feel free to chime in.
Anonymous

I’m sorry, I realize Medicare does not pay for LTCI; however does Medicare pay for medical devices such as that described in the story?
Anonymous

Medicare does not pay for LTC. However, I am FAR from being a Medicaid/Medicare expert. (Perhaps those counselors your industry has, among their other expertise, can answer that.) I also don’t know how having a lump sum, LOC, or tenure money from an RM can affect Medicaid eligibility. LTCI: depends on the policy as far as paying for renovations and other expenses. In general the better ones do. The more responsible companies have the goal of minimizing expenses, so they would like people to stay at home (especially for so called indemnity polices, where bills are presented to the insurance company and get out of claim status faster). I don’t know about the kind of technology mentioned in BusinessWeek. In any case, money sure helps solve a lot of problems.rn (Notice I did not mention LTCI, above?)
Anonymous

dduck12,rnrnI agree. Do most LTCI policies provide benefits for this type of technology? rnrnDoes anyone know if Medicare provides such a benefit?rnrnWhile the demand for HECMs may wane during the period of 10% reductions to Principal Limits, other economic factors will spur seniors who might not otherwise consider a HECM to obtain one offsetting some of the expected downturn. Cuts to Medicare and Medicaid benefits along with new medical technology will be among the factors driving seniors to consider HECMs next year.
Anonymous

“Is Home Always So Sweet” in New York Times, June 6, 2009:rnhttp://newoldage.blogs.nytimes.com/2009/06/04/is-home-always-so-sweet/rnrnpoints out that sometimes seniors would be better off in a facility than at home.rnPerhaps working with a Geriatric Care Manager (GCM): (http://www.caremanager.org/index.cfm) the family determines that home is not best. Although, as the BusinessWeek article pointed out, there may not be enough slots available in facilities in the future (all those baby boomers), some people may qualify for Medicaid (twindling supply and sometimes lesser quality) and find a slot. However, for a certain percentage of folks that don’t qualify for Medicaid, the need for money to pay for home or institutional care is critical. RMs may help provide those funds. Alternatively one could ask the kids, if one has them, for part of their inheritance. Preparing home for geriatric living also has out of pocket costs: renovating bathrooms, installing ramps, etc. My point is that RMs provide options to seniors and their families and I hope, as someone said in a post, politicians and their aides read these blogs.
dduck12

“Is Home Always So Sweet” in New York Times, June 6, 2009:
http://newoldage.blogs.nytimes.com/2009/06/04/i…

points out that sometimes seniors would be better off in a facility than at home.
Perhaps working with a Geriatric Care Manager (GCM): (http://www.caremanager.org/index.cfm) the family determines that home is not best. Although, as the BusinessWeek article pointed out, there may not be enough slots available in facilities in the future (all those baby boomers), some people may qualify for Medicaid (twindling supply and sometimes lesser quality) and find a slot. However, for a certain percentage of folks that don't qualify for Medicaid, the need for money to pay for home or institutional care is critical. RMs may help provide those funds. Alternatively one could ask the kids, if one has them, for part of their inheritance. Preparing home for geriatric living also has out of pocket costs: renovating bathrooms, installing ramps, etc. My point is that RMs provide options to seniors and their families and I hope, as someone said in a post, politicians and their aides read these blogs.
The_Critic

dduck12,

Do most LTCI policies provide benefits for this type of technology?

Does anyone know if Medicare provides such a benefit?

Medical needs will produce a greater demand for RMs as Medicare benefits shrink or do not keep up with technology. Then there is the whole problem of the ever growing concern over the need to cut Medicaid benefits.

While the demand for HECMs may wane during the period of 10% reductions to Principal Limits, other economic factors will spur seniors who might not otherwise consider a HECM to obtain one offsetting some of the expected downturn.
The_Critic

dduck12,

Do most LTCI policies provide benefits for this type of technology?

Does anyone know if Medicare provides such a benefit?

Medical needs will produce a greater demand for RMs as Medicare benefits shrink or do not keep up with technology. Then there is the whole problem of the ever growing concern over the need to cut Medicaid benefits.

While the demand for HECMs may wane during the period of 10% reductions to Principal Limits, other economic factors will spur seniors who might not otherwise consider a HECM to obtain one offsetting some of the expected downturn.
dduck12

Medicare does not pay for LTC. However, I am FAR from being a Medicaid/Medicare expert. (Perhaps those counselors your industry has, among their other expertise, can answer that.) I also don't know how having a lump sum, LOC, or tenure money from an RM can affect Medicaid eligibility. LTCI: depends on the policy as far as paying for renovations and other expenses. In general the better ones do. The more responsible companies have the goal of minimizing expenses, so they would like people to stay at home (especially for so called indemnity polices, where bills are presented to the insurance company and get out of claim status faster). I don't know about the kind of technology mentioned in BusinessWeek. In any case, money sure helps solve a lot of problems.
(Notice I did not mention LTCI, above?)
The_Critic

I'm sorry, I realize Medicare does not pay for LTCI; however does Medicare pay for medical devices such as that described in the story?
dduck12

Harrumph, I'll have to study that question and take it under advisement (political translation: I have no idea). Seriously, I doubt it. GCMs, feel free to chime in.
http://twitter.com/AgingTech Laurie Orlov

Technology described in the business week article is generally not paid for by Medicare. However, there are various examples of subsidized programs that cover the housing, social services, home health care and the associated technology fits into those. Examples include: See Selfhelp.net, the website for subsidized independent living in the Queens, NY area — residents who need it get the QuietCare unit. New Courtland in Philadelphia is the same using Healthsense technology. When tech crosses into telehealth, Medicare pays.
dduck12

Ms. Orlov,
Could you clarify that the actual costs of housing in a facility are not covered by Medicare? Are you a GCM?
dduck12

Thanks to Ms. Orlov. I just had a chance to check out the site she mentioned: selfhelp.net.
Among the very useful sevices they have was something called: “Community Guardian Program.”
This is interesting because I was wondering how seniors with limited financial experience could even consider an RM, or those that don't wish to involve family members in their financial moves. Here's the quote from the site:
“We apply for benefits and grants, find apartments, sign leases and arrange for insurance. We oversee real estate and other assets. With court permission, we may sell property, arrange for a mortgage or reverse mortgages. We also work to resolve eviction cases for our guardian clients.”
Are there other localities that provide this kind of service?
http://www.facebook.com/randy.walden Randy Walden

My reverse mortgage friends any comments?
http://www.facebook.com/randy.walden Randy Walden

My reverse mortgage friends any comments?

Business Week Special Report on Aging in Place, Where do Reverse Mortgages Fit?

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