Long-Term Care Insurance for Seniors at Home (WISH Act)
The WISH Act introduces new long-term care insurance benefits under the Social Security Act. This aims to help seniors cover the costs of home care, reducing their reliance on Medicaid and protecting their savings. Benefits are funded by new long-term care insurance contributions.
Key points
New cash benefits for long-term home care for seniors with serious disabilities who have reached retirement age and meet insurance criteria.
Benefit amount will depend on the estimated median cost of 6 hours per day of paid personal assistance, indexed to wages in the long-term care sector, and the number of quarters worked.
Benefits will be funded by a new 0.3% tax on wages for employees and employers, and 0.6% on self-employment income, effective from 2022.
A Federal Long-Term Care Insurance Trust Fund will be established to pay benefits and cover administrative costs.
Benefits from this program will not be counted as income or resources for determining eligibility for other federal, state, or local programs.
Individuals receiving benefits who hire non-family caregivers will be required to comply with minimum wage and payroll tax laws.
A public education plan on the need for long-term care and available benefits will be implemented, along with regular notifications to citizens about their potential eligibility.
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