Baby Boomer Concern of the Heart
Jan 17th, 2010 | By Rosemarie Hurley | Category: Featured Articles, News|
As Baby Boomers grapple with how to provide at-home or facility care for their parents, many are seeing the how financially devastating it can be. This is prompting a growing number of Boomers to look into Long-Term Care insurance for their own future needs. And there’s good news….it is so much more affordable to consider this when you are younger and relatively healthier.
Long-Term Care planning is usually a very emotional issue, but the fact is that it is a very economic issue for most families. Talking about this and taking proactive steps is absolutely the way to go. When something happens, an injury or illness, have a plan makes it so much easier for non-effected spouse or family members.
Here’s some education on the subject. According to the Journal of Financial Service Professional, January 2008, 80 % of the Long-Term Care provided for folks today is being given at home—only 20 % in a Nursing home. But many of the Baby Boomers are still working and/or live far away, making it more difficult. When going outside the family members to provide the care, the costs are surprisingly high.
Self- insurance can only be considered when the savings nest egg is well into the millions. And even then, in order to have self-funding make sense, your money would have to be giving you a 16% return to make that the better way to go. The article goes on to say that for example, a typical Alzheimer’s case can last 8 years from diagnosis. Ronald Reagan wrote his “goodbye letter’ 10 years before he passed away.
For most people, the cost of insurance protection is fractional to the out-of-pocket expenses. Once a claim is activated most all premiums are recouped in one claim. With the Government statistics of one in two people needing LTC if they live long enough, it just makes good sense.
The products are “design your own” type plans. This means you can totally tailor it to suit your needs thereby controlling the cost. It can be complicated so it pays to work with an experienced Broker who can educate you and has access to many companies so you can compare.
Buying into a Long-Term Care policy empowers families to purchase quality care in the private market at the most appropriate level, i.e.: home care, assisted living, and when necessary top-quality nursing home care. Plan ahead.
Rosemarie Hurley, CSA is owner of Senior Insurance Solutions. She is a Long-Term Care Insurance Specialist with over 16 years experience. Rosemarie brokers with every Long-Term Care insurance carrier. She can be reached at 274-6678 in Estero or at her web site: www.longtermcareinsurance-online.com
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