Don’t have time to read the Budget of the United States Government, Fiscal Year 2011? That’s ok. The budget released presents an overview of the Obama administration’s 2011 priorities and is a draft that remains short on details in many respects. With healthcare reform still on the negotiating table, the White House estimates that the cost will be $16 billion this year and $743 over the next 10 years. Some scary numbers are that mandatory outlays for Medicare under existing law are $489.3 billion and $264.5 billion for Medicaid. According to the budget, spending on Medicare and Medicaid is set to rise by $58 billion between 2010 and 2011. Below are some interesting related components to senior living we thought were worth summarizing:
- Affordable Housing – Department of Housing and Urban Development
- FHA is projecting insurance of $223 billion in single family forward mortgages and $30 billion in Home Equity Conversion Program (HECM) with an additional $148 billion in commitment limitation available in case these amounts are exceeded during execution. The administration is projecting the reverse mortgage industry will endorse 120,429 units in 2010 and 119,953 units in 2011.
- Jobs Programs – Take your pick on the where…real estate, in-home care…Obama just wants more jobs
- Elder Care – Aid Working Adults in Caring For their families (page 4)
- Elimination of fraud and abuse in Medicare and Medicaid (page 4)
- HUD – Housing for Elderly Cuts, $825 million in 2010 down to $274 million in 2011 (page 4)