Retirement Risks are Increasing

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Most people will never be in a nursing home. Long-term care insurance pays mostly for home care, assisted living and adult day care. Let's stop thinking of it as nursing home insurance. Thanks.

Phyllis Shelton of TN 6:28PM April 04, 2009

Jim,
I just ran quotes from several of the top LTC insurers offering NY State Partnership policies.
For a healthy, married couple, both aged 55, they can buy a NY State Partnership policy with Total Asset Protection, for about $1,300 per year per person.
There was only one company that had premiums that were about $2,500 per year per person (which is what you said you're paying.)
Some insurers can charge up to 50% more premium for someone who has major health problems. Whereas, other insurers may charge only 10% more if someone has significant health problems.
That's why it's important to shop for long term care insurance. Because every company will calculate each person's premium differently, based upon their health history.
Scott A. Olson
www.LTCInsuranceShopper.com

Scott A Olson of CA 3:07PM April 04, 2009

I am sorry to see that my comments were not posted. The numbers we reported were directly from the State of New York as provided to the State by insurers participating in the New York State Partnership program.
So, while I'm glad that some can afford $5,000 a year in premiums, let's agree that most people can not or will not pay that much.
And, so long as the industry keeps telling folks they need to spend that much (which is not true) we will find only a small percentage will own long-term care insurance. The result, a government program that covers all.
I hope US News will reconsider posting the info on what people really do pay for long-term care insurance.
Jesse Slome
Executive Director
American Association for Long-Term Care Insurance
http://www.aaltci.org

Jesse Slome of CA 6:21PM April 03, 2009

Medical Technology is getting better, we live longer, we save less, and we want to retire younger. It isn't making for a great formula in our society. We need PLAN, SAVE, and TEACH for our own sakes, our childrens, and our country. If we don't the gap of those on Medicaid (the Government's shirt-tale) will increase larger (which is VERY BAD), between those who are rich and self insure. Leaving the middle class. Taking the Middle class to the side of falling on old Uncle Sam's Medicaid ticket. Which just may break the system in about 30-40 years if the old system of values aren't restored.
Tom Mitchell
800-252-ltci
www.discoverlongtermcareinsurance.com

Tom Mitchell of OH 2:45PM April 03, 2009

MY WIFE AND I PURCHASED ADEQUATE LTC COVERAGE - NEW YORK STATE PARTNERSHIP COVERAGE -AT THE AGE OF 55-BOTH IN GOOD HEALTH.
OUR COMBINED PREMIUMS ARE ALMOST $5K A YEAR.
IT IS LAUGHABLE-AS WELL AS INACCURATE AND INEXCUSABLE-TO STATE SOMEONE 50-54 IN NY STATE CAN PURCHASE ADEQUATE LTC COVERAGE FOR $989 A YEAR.
I AM AN INSURANCE BROKER AND A MEMBER OF THE ORGANIZATION NAMED ABOVE.
JESSE-LETS BE ACCURATE HERE.
LTC COSTS ARE BEYOND THE REACH OF MANY MIDDLE INCOME AMERICANS.

JIM HYNDMAN of NY 2:33PM April 03, 2009

recently said in an interview that she hoped to keep going full steam ahead and someday "just drop dead right in the middle of it".
THAT EXPRESSES THE HOPE OF MANY OF US ABOUT LONG-TERM CARE. Live long, live well and then die quickly---so we hope.
As for being adequately prepared financially, most aren't. As for the stock market, consider that boomers are going to be selling a lot of what they have left in it for the next 25 years or so.

Muser of NM 1:52PM April 03, 2009