Financial Stability for our Seniors
Seniors face many difficult financial choices. According to the U.S. Department of Health and Human Services, the average cost of long-term care in a nursing home is just under $8,000 a month but by 2037, it is expected to rise to over $22,000 a month. In addition to the high cost of long-term care, our seniors incur the financial burden of costly medications to treat age-related medical conditions and illnesses.
There are few people who can plan well enough for their retirement to cover these costs. In the end, too many families are forced to sell all of their assets and, ultimately, require the assistance of government programs to pay for their own care or the care of a loved one. In Iowa, this can force families to either sell their family farms or drastically increase the cost of rent on their farmland to cover this debt.
To ensure financial stability for seniors, Kim has proposed common sense solutions:
- Safeguard Social Security from Wall Street speculation by fighting the privatization of retirement income.
- Expand and strengthen Medicare to cover long-term care options.
- Demand immediate negotiation of prescription drug prices for Medicare.
- Eliminate the wage cap on income for Social Security contributions.
- Increase the availability of home and community-based services so seniors can remain in their own homes as long as possible.