HARTFORD, Conn. (AP) - The nation's nursing homes are perilously close to laying off workers, cutting services - possibly even closing - because of a perfect storm wallop from the recession and deep federal and state government spending cuts.
Industry experts say a new Medicare rate adjustment will cut about $16 billion from nursing homes over the next 10 years. That comes atop state-level cuts that already had the nation's 16,000 nursing homes reeling. Congress may also slash billions more in Medicare funds in the name of health care reform.
The funding crisis comes as the nation's baby boomers age ever closer toward needing nursing home care, surging beyond the 1.85 million people in nursing homes last year.
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