“Here’s the Latest on What Healthcare Will Cost in Retirement — and It Isn’t Pretty,” Maurie Backman, The Motley Fool “Buy long-term care insurance While reading up on Medicare and saving aggressively will put you in a better position to cover your healthcare costs in retirement, there’s one more piece of the puzzle: long-term care insurance.” “And if you think the above healthcare spending numbers are out of control, wait till you see what long-term care might run you. If you come to need an assisted living facility, you’ll spend roughly $43,500 per year. And if you wind up needing
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“Americans Will Struggle to Grow Old at Home,” by E. Tammy Kim, Bloomberg Businessweek Eighty million people in the U.S. will be 65 or older within a few decades, compared with around 50 million today, and, according to surveys conducted by AARP Inc., the desire to grow old at home is almost universal. Most who do so will need help with daily tasks and will exhaust the ability of family and friends to cook and clean, bathe and dress, and run errands. When Americans look for paid help, they’ll find their national infrastructure convoluted and wanting. It’s a problem the
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“Long-term care insurance: Buyer beware,” by Elliot Raphaelson, Chicago Tribune “Many insurance companies offering LTC policies have either gone out of business or discontinued selling the policies. Most of the companies that remain in the business have taken steps to increase premiums for both existing policyholders and new customers. … The bottom line is that anybody considering buying a standard LTC policy should understand that there is no guarantee that these premiums will be fixed. Prospective policyholders should determine the past history of the company regarding receiving approved premium increases.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term
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“Genworth Faces Deal Resistance in Delaware,” by Allison Bell, ThinkAdvisor “Genworth Financial Inc. says the Delaware Department of Insurance is one of the regulatory agencies slowing its efforts to sell itself to China Oceanwide Holdings Group Ltd. Genworth needs a large amount of cash to handle debts maturing in May. Because regulators are taking so long to approve the China Oceanwide deal, and delaying Genworth’s access to the cash infusion the deal would provide, Genworth will have to try to get secured debt financing, the company says.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Is
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“CDC data show how small, large assisted living communities differ,” by Lois A. Bowers, McKnight’s Senior Living “Smaller assisted living communities, on average, have more residents who need assistance with activities of daily living, more residents with Alzheimer’s disease or depression, more residents who are Medicaid beneficiaries and younger residents compared with larger communities, according to a data brief published Tuesday by the Centers for Disease Control and Prevention’s National Center for Health Statistics.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Can you afford to stay out of that little board and care home across
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