Long-term Care - The Ignored Need
from web site
Most Americans fear they'll need long-term care eventually after retirement, but only a percentage are are performing anything about this, as outlined by a survey conducted to the John Hancock Life Insurance Co.* It states that eighty-five percent of respondents concern yourself with needing long-term care sometime within their future, a boost from 80 % a decade ago.
Long term care addresses a wide range of long term care and supportive services for people who could have cognitive impairment or that are can not accomplish certain activities of daily living over a lengthy stretch of time. These can include activities like bathing, continence, dressing, eating, toileting, and transferring. Long term care services may be provided in a number of settings, including your home, assisted care facilities or convalescent homes; and it might be very costly.
Many Americans incorrectly believe Medicare and/or Medicaid may help fund their long-term care expenses. This is simply not true. Some feel they shall be in a position to "trick" the device, but it is become a lot more difficult to do. The Deficit Reduction Act that was signed on February 8, 2006, is mainly responsible for most states to radically alter Medicaid parameters and long-term care programs. The loopholes are being closed.
The study also discovered that almost 60 percent with the respondents worry about purchasing long-term care, but nearly 70 percent of those people said they've done little planning, if any, for long-term care needs. Furthermore, Americans you live longer, care prices are rising, and company pension programs are cut back. Because the average price of elderly care facility care has risen to greater than $71,000 per year, the expenses for in-home care can also be rising and it is apparent the rate of future increases will continue to be high; there exists a looming crisis in America. Americans aren't facing the realities of the lies ahead, particularly the potential dependence on long-term care.
Right now, Americans appear to be avoiding the issue. According to the survey, over sixty percent of adults haven't attempted to calculate how much money they need for retirement. Of those who did the calculation, nearly half didn't aspect in long-term care. Of those who did, nearly four in 10 did nothing over it.
One important financial tool possibly being overlooked is Long-Term Care Insurance. Many people don't realize a renters insurance policy could be tailored to adjust to someone's budget as well as benefit some with the potential costs of long term care. In other words, there are many variables that may be tailored in order to meet an individual's financial budget in addition to help with the price of future lasting care needs. A qualified Long-Term Care Insurance representative ought to be consulted to assist develop a suitable plan.
* The survey was conducted by Greenwald & Associates.
Long term care addresses a wide range of long term care and supportive services for people who could have cognitive impairment or that are can not accomplish certain activities of daily living over a lengthy stretch of time. These can include activities like bathing, continence, dressing, eating, toileting, and transferring. Long term care services may be provided in a number of settings, including your home, assisted care facilities or convalescent homes; and it might be very costly.
Many Americans incorrectly believe Medicare and/or Medicaid may help fund their long-term care expenses. This is simply not true. Some feel they shall be in a position to "trick" the device, but it is become a lot more difficult to do. The Deficit Reduction Act that was signed on February 8, 2006, is mainly responsible for most states to radically alter Medicaid parameters and long-term care programs. The loopholes are being closed.
The study also discovered that almost 60 percent with the respondents worry about purchasing long-term care, but nearly 70 percent of those people said they've done little planning, if any, for long-term care needs. Furthermore, Americans you live longer, care prices are rising, and company pension programs are cut back. Because the average price of elderly care facility care has risen to greater than $71,000 per year, the expenses for in-home care can also be rising and it is apparent the rate of future increases will continue to be high; there exists a looming crisis in America. Americans aren't facing the realities of the lies ahead, particularly the potential dependence on long-term care.
Right now, Americans appear to be avoiding the issue. According to the survey, over sixty percent of adults haven't attempted to calculate how much money they need for retirement. Of those who did the calculation, nearly half didn't aspect in long-term care. Of those who did, nearly four in 10 did nothing over it.
One important financial tool possibly being overlooked is Long-Term Care Insurance. Many people don't realize a renters insurance policy could be tailored to adjust to someone's budget as well as benefit some with the potential costs of long term care. In other words, there are many variables that may be tailored in order to meet an individual's financial budget in addition to help with the price of future lasting care needs. A qualified Long-Term Care Insurance representative ought to be consulted to assist develop a suitable plan.
* The survey was conducted by Greenwald & Associates.
