Don't Ignore Likelihood of Long-Term Care

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ah at last, I found this post again. You have few useful tips for my school project. Now, I won't forget to bookmark it. :)

get tips of AL 10:43AM January 19, 2010

Most of us have had a personal experience with a relative,loved one or a friend who needed some Long Term Care.Projections are that 70% of us will experience it also.They say Nursing Homes are expected to triple in 20 years.When is the best time to look into Long Term Care coverage,NOW,while our health is good enough to get us approved for the coverage.Premiums are based on application age.NOW is the time to look into it.

Steve Brefere of NY 12:48PM October 03, 2009

Don't kid yourself. These costs are real and can sneak up and hit you if you are not prepared. There's a great site: www.Caregiverlist.com, that can help you determine the costs of long term care. As our population gets older, the need for long term care will get greater. The best we can do is arm ourselves with the knowledge of what is currently available and at what cost.

Rory Y of IL 9:56PM October 02, 2009

Good exposing article about a little-known subject. It seems there are many reasons why people either don't know about/don't choose to protect themselves from Long Term Care expenses. As with anything else with dire consequences (i.e. taxes, legal issues, financial planning), perhaps consulting with an experienced, qualified expert might be best. I firmly believe that in this age of financial sophistication, there must be a solution to every problem, and the more experienced our advisors, the better our chances of being prepared.

Jeff Presley of SC 9:41AM October 02, 2009

I have counseled hundreds of people over the years on LTC planning and insurance. LTC insurance definitely not for everyone. Some may not qualify for health reasons and for others it may not be suitable for financial reasons. Many feel they have the financial resources sufficient to cover the cost of LTC services and facilities and I completely support self insuring so long as they have done their homework and reviewed potential worst case scenarios thoroughly with their financial advisers. Unfortunately, as the Met Life survey shows, many still believe that Medicare or other health insurance will pay for their care should they need LTC. This is statisticly the greatest financial risk Americans face in their lifetimes and many are not only unprepared but also are not even cogniscent of the risk. None of these insurances will cover your LTC costs for more than 100 days total in your lifetime. After that you are on your own and have to rely on your own resources. The reality is that LTC is a growing issue and many are unprepared for the potential negative financial consequences. Think about it. How many of us reading this right now have had a personal experience with a relative or a loved one requiring LTC? I would bet it's greater than 50%. And with the growing number of aging Baby Boomers I do not think this percentage will decrease in the future.

Peter Molnar of NY 8:43AM October 02, 2009

Part of the reason folks aren't really aware is this is the first generation to face the realities of living a long life.
It takes 30 or 40 years of ongoing (small) savings to accumulate enough funds to retire on. With long-term care insurance, some people actually go on claim within a few short years (like 2 or 3). But, most will pay a small amount each year with the assurance they will have a large pool of funds to tap when crisis hits.
But the most important fact that is overlooked is the need to health qualify. Insurers are selective in who they cover (once covered you can't be dropped). Since the exposure is so great, they have a right to be selective.
There is a wealth of information and may I suggest the Consumer Information Center for the American Association for Long-Term Care Insurance is a great place to start. We don't sell insurance, we just educate.
A failure to plan ... is a plan for failure.
Jesse Slome
Executive Director
American Association for Long-Term Care Insurance
http://www.aaltci.org

Jesse Slome of CA 9:15PM October 01, 2009

is not the reason most people do not buy L-T care insurance. The main reason is that most people do not see themselves as having the money stream to pay the premiums for long and uncertain periods into the future.
If you buy in young middle age, as they say you should, you need to KNOW you can keep paying the premiums (which may rise, of course) for 10 or 20 or 30 or more years----so that you don't pay in for a decade or two and then have to drop the coverage before you actually need it or actually collect anything. You DO hope to live to old age in a healthy condition, right? Can you imagine yourself living independently healthy and paying those premiums right through the four decades from 45 to 85? Or do you imagine yourself running out of the means to do that---and then maybe needing the coverage for three years at age 87?

Muser of NM 11:33AM October 01, 2009