“Millennials Beat Baby Boomers in Long-Term Care Planning,” by Tim Regan, Senior Housing News “Slightly over half (52%) of surveyed baby boomers thought they will require long-term care services down the road. Millennials [born between 1981 and 1997], on the other hand, were more realistic: 64% of this cohort, born between the 1980s and late ‘90s or early 2000s, said they’ll need long-term care at some point as they age. In reality, 70% of people need long-term care services at some point in their lives, according to the survey.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Maybe the
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“SNF Placement More Likely for Men Lacking Caregivers After Stroke,” by Tim Regan, Skilled Nursing News “After suffering a stroke, men without a caregiver were more likely to end up in a skilled nursing facility (SNF) than those with more help, according to a new study published in the Oct. 26 edition of the Journal of the American Geriatrics Society. Within five years of a stroke, 21.3% of the study’s 560 participants were placed in a nursing home. Men lacking a family or informal caregiver had a 3.2 times greater risk of nursing home placement in that span as compared to men who had a
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“How to Hire In-Home Help,” by Donna Rosato, Consumer Reports “Most people who need long-term care rely on family for assistance, but about one-third get help from paid caregivers. Finding and managing outside help can be stressful and time-consuming. You need someone reliable and trustworthy with the right skills. But you also want someone your loved one will be comfortable with. . . . You’ll pay a higher rate if you need help during evenings, holidays, or weekends. Hiring an aide, such as a nurse or certified nursing assistant, who can provide a higher level of care (changing a catheter,
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“Genworth Survey: Consumers’ greatest fear about aging is not having enough money to pay for long term care, but few plan ahead,” Genworth Financial “Not having enough money to pay for care is the greatest fear adults have about aging and their long term care needs, according to a recent consumer survey by Genworth, but only one in five have taken any action toward financing their long term care expenses. Furthermore, only half of the respondents said they plan to take personal financial responsibility for their own care as they age. The others said they would leave that worry to
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“Medicaid Annuities Help Protect Savings: A tactic to prevent unexpected nursing home care from evaporating the family nest egg,” by Eleanor Laise, Kiplinger Personal Finance “Picture this: Your spouse has made a permanent move to a nursing home. You don’t have long-term-care insurance, Medicare won’t cover the cost, and you have too much money to qualify for Medicaid—but not nearly enough to afford the nursing-home bills. The monthly tab—easily $5,000 to $8,000 for a semi-private room—is rapidly depleting your nest egg. Now what? This is where a Medicaid-compliant annuity might rescue your retirement. You buy an immediate annuity—owned by and
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