Congressman Tom Suozzi (D-New York) has introduced the Well-Being Insurance for Seniors to be at Home (WISH) Act, bipartisan legislation co-sponsored by Congressman John Moolenaar (R-Michigan), to address America’s growing long-term care crisis.

The WISH Act aims to create a federal long-term insurance program that provides financial support for disabled seniors while encouraging a more robust private-sector insurance market.

“Right now, our country is facing a looming long-term care crisis,” Suozzi said in a press release. “Medicaid and nursing homes are already overwhelmed, and seniors lack affordable options to cover the care they need. We must address this issue before it escalates into a full-blown crisis. I believe a federal long-term care insurance program, paired with a strong private-sector insurance market, is the solution.”

The proposed plan would establish an elimination period of one to five years, based on income, during which individuals would need to manage their care costs through private insurance or other means. After this period, disabled seniors would receive a monthly benefit from the federal government to help cover long-term care expenses. This initiative is expected to motivate private insurers to offer more affordable products and raise awareness about the importance of planning for long-term care costs before individuals become disabled.

Additionally, this program seeks to reduce seniors’ need to exhaust their assets to qualify for Medicaid, leading to substantial savings for the Medicaid system.

The WISH Act has garnered support from various organizations, including the National Council on Aging, the American Geriatric Society, the American Academy of Physicians, the American College of Physicians, the National Alliance for Caregiving, Genworth Financial, and many industry experts.

“We have a storm coming in this country. Spending down your assets and living in poverty on Medicaid is no way to age,” Suozzi remarked. “Seniors deserve to age with dignity, in their own homes, with the care they need, and the WISH Act can help make that possible.”