Health care costs are a big concern for people going into retirement, but the costs of long-term care can still be a shock.

Here are a few facts:

• 70% of people over 65 will need some form of long-term care at some point.

• For married couples, the chance that one spouse will need long-term care rises to 91%.

• People living alone are more likely to need some sort of home health care.

• Women outlive men, and thus, are more likely to live alone and need some sort of home health care.

So, while some financial planners previously were on the fence about long-term care insurance, they were still encouraging people to at least have a plan for long-term care.

"For Baby Boomers, long-term care insurance is a must," says Manhattan attorney Ann-Margaret Carrozza. "We can no longer rely upon Medicaid to cover custodial type care. We see over the course of the past few years that eligibility for Medicaid has gotten tougher. In 2006 the so-called look-back period was extended from three years to five years," she says. During that period, the government can check, or look back, to see if you have sheltered or given away assets — and if you have, it triggers a penalty period when you're ineligible for government aid.

"There are now proposals in Congress to increase it to 10 years," Carrozza says. And, she warns, Medicare only covers up to 100 days of rehabilitation following hospitalization. "Beyond that — nothing!"

The Employee Benefit Research Institute says the average retirement shortfall for Baby Boomers and Gen Xers is nearly $50,000. But that rises dramatically when expenses for home health care or nursing homes are added: for married households by $25,317; single males, an average increase of $32,433; and by $46,425 for single females.

No wonder so many people are worried that they won't have enough money to even cover health care costs in retirement, let alone make it through retirement in the lifestyle they are accustomed to.

Related Posts:

Mistakes To Avoid When Shopping For Long-Term Care Insurance

Here's The Type Of Insurance You Should Buy At Every Age

Should You Buy Inflation Protection For Long-Term Care Insurance?

Concerned about your financial security in retirement? Call The Lynn Company at (661)-873-2200 for more information on Long-Term Care & Medicare

Read More: Source

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Medical Quote
Medical Quote
Vision Quote
Vision Quote
Dental Quote
Dental Quote
Long Term Care Quote
Long Term Care Quote
Life Insurance Quote
Life Quote
Medicare Quote
Medicare Quote
Find Us on Facebook  Follow Us on Twitter  Connect with Us on LinkedIn   Watch Us on YouTube   Find Us on Google  Folllow our Blog




Please note that we cannot bind insurance via email, fax, or voicemail. Any quotes given are subject to underwriting guidelines by the respective insurance carriers. Any reference of coverage used are not intended to express legal opinion as to the nature of coverage, but rather just a brief generalization of coverages. Please read your policy for coverage details.
WHAT ELSE CAN WE HELP YOU WITH?
Simply fill out the form and someone will respond to you
3761 Bernard Street | Bakersfield, CA 93306
Powered by Insurance Website Builder
Refer A Friend Back To Top
Back To Top