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☆ Boomers Haven't Saved Enough for Retirement; Gen Z Will Have to Pay
▼ + stars: | 2024-01-10 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +11 min

According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse. AdvertisementAs boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. Not all boomers are richIt's undeniable that some boomers will enjoy a cushy retirement. The median retirement account for that age group has only $200,000 — meaning that half of 65- to 74-year-olds have even less saved up.

Persons: —, it's, Rita Choula, Stevie Kuenn, Kuenn, Choula, Caregiving, Gen Organizations: Federal, AARP, Institute, Consumer Finances, Social Security, National Council, Medicare, Pew, National Alliance, American Health Care Association, Department of Homeland Security Locations: —, Chicago, Ohio, America

In 1980, there were 24 private equity firms, according to Prequin, which tracks alternative assets; by 2022, there were around 5,000 private equity firms controlling some 18,000 companies. Among the industries where private equity sank deep roots was health care. Thin margins have forced many nursing homes to shrink their nursing staff, leaving them ill prepared when the pandemic hit. One New Jersey analysis found that facilities owned by private equity had a higher rate of Covid-19 deaths and cases than nursing homes not owned by private equity. Fewer than 20 percent of all nursing homes meet a recently proposed minimum staffing level, according to a Kaiser Family Foundation estimate.

Persons: equity’s, Sabrina T, Howell, Mark Parkinson, Ms, ” Organizations: Healthcare Private Equity Association, New York University, Genesis Healthcare, Formation Capital, Kaiser Family, American Health Care Association Locations: Jersey, New Hampshire

☆ Small-town nursing homes closing amid staffing crunch
▼ + stars: | 2023-01-22 | by ( Tony Leys | Kaiser Health News | ) www.nbcnews.com time to read: +10 min

In Iowa, 13 of the 15 nursing homes that closed in 2022 were in rural areas, according to the Iowa Health Care Association. “We’ve had more nursing homes go bankrupt in the last year than in the last 10 years combined,” she said. Nationally, the Centers for Medicare & Medicaid Services reported recently that 129 nursing homes had closed in 2022. In Iowa, Medicaid pays nursing homes about $215 per day per resident, according to the Iowa Health Care Association. Willett said a recent survey found that 72% of Iowa’s remaining nursing homes were freezing or limiting admissions below their capacity.

☆ One chart shows how employment has changed throughout the US economy almost 3 years after the start of the pandemic
▼ + stars: | 2023-01-14 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

The US labor market has been above its pre-pandemic February 2020 employment level for a while. Some sectors are still below pre-pandemic employment almost three years since the official start of the pandemic. While leisure and hospitality isn't back at its pre-pandemic employment level, it still has been experiencing large monthly job gains as workers are needed to meet demand. Air transportation was 11.7% above its February 2020 employment level in December. It continued to expand throughout the pandemic and was 30.8% above its pre-pandemic employment as of December.

But the sheer number of nurses working travel jobs, and the difference between what they thought was promised and what they pocketed, has led to a substantial legal pushback by travel nurses around the country on the issue. Courtesy Jordyn BashfordThis summer, Stueve Siegel Hanson, a Kansas City, Missouri, law firm, filed class-action lawsuits against four travel nurse agencies: Aya, Maxim, NuWest and Cross Country. Advertisements touted an hourly rate of $8 to $11, but many nurses wound up making less than $6, according to Pan Travelers, a professional association of travel nurses. But by February, after her first 13-week contract, Covid hospitalizations had waned and the demand for travel nurses had fallen. Mark Humphrey / APTwo travel nurses walk the hallways during their shift at a hospital in Rhode Island.

The justices rebuffed Glenhaven Healthcare's appeal of a lower court's ruling allowing the family of deceased resident Ricardo Saldana to proceed with the lawsuit in a California state court. Under then-President Donald Trump in January 2021, the U.S. Department of Health and Human Services, prodded by nursing homes, declared that cases filed in state court involving interpretation of the PREP Act should be moved to federal court. Circuit Court of Appeals ruled in the Saldana case that some state law claims can remain in state court. Glenhaven has argued that personal injury lawsuits against entities that provide COVID-19 countermeasures belong in federal court. The U.S. Chamber of Commerce, the American Hospital Association and the American Health Care Association, a nursing home industry group, weighed in to support its petition to the Supreme Court.

Reese Brown on a travel nurse assignment in New Jersey in May 2020. The short-lived travel nurse boom was a temporary fix for a long-term decline in the profession that predates the pandemic. In the 1980s and the 1990s, travel nurses were often covering for staff nurses who were on maternity leave, meaning that 13-week contracts become common. By 2021, travel nurses were earning an average of $124.96 an hour, according to the research firm — three times the hourly rate of staff nurses, according to federal statistics. Courtesy Pamela Esmond“The reality is they don’t pay staff nurses enough, and if they would pay staff nurses enough, we wouldn’t have this problem,” she said.

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