Democratic presidential candidate Sen. Cory Booker, N.J., released a long-term care plan that aims to address the growing need for long-term care among America’s senior population.
The senator pledged to expand access to long-term care benefits for low- and middle-income Americans through Medicaid reform. Mr. Booker’s plan would be fully financed by the federal government, paid for by increasing capital gains, estate, and income taxes.
It sets new thresholds for Medicaid assistance , allowing the program to kick in sooner for those who need long-term services and supports. Mr. Booker would increase asset limits from $2,000 to $200,000 and income limits from 222 percent of the federal poverty line to 300 percent, the equivalent of about $49,380 for a family of two. His plan also allows people who exceed these limits to buy into the program.
The plan also recognizes long-term care workers and family members who may act as long-term care providers. Mr. Booker pledged to push for a $15 federal minimum wage for long-term care workers and increase funding to Medicaid to ensure workers are earning fair wages and benefits. He also proposed a program called Rise Credit, which would give caregivers of children, elderly spouses or other dependents, a tax credit up to $4,000 based on income. Caregivers who earn less than $30,000 a year would qualify for the full tax credit.
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Source: Becker’s Hospital Review