Bangor (ME) Daily News
Long Term Care Coverage
Long term care (LTC) insurance is valuable to people who have money or a home that they would rather not give to a nursing home.
2012-01-04
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Smart Money Magazine
Some Long-Term-Care Insurance Is Better Than None
The best is the enemy of the good. Or so said Voltaire, the French philosopher. I could be wrong, but...I think he was talking about long-term-care insurance -- and how to fix what is probably the biggest hole in your plans for retirement.
2011-12-28
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Sacramento (CA) Bee
Long-term care -- many don't give it a thought until too late
Recent studies show that much of the aging public remains in denial about the potential need for long-term care, which could wreak financial havoc on the baby boom generation's retirement years.
2011-10-10
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Wall Street Journal
Long-Term-Care Insurance: Most Still Don't Buy In
A growing number of people are aware they may face steep nursing-home and other long-term-care costs as they age, but few are willing to purchase long-term-care insurance, according to a new survey of California residents.
2011-09-21
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Forbes
Hidden Truths About Long Term Care Insurance
Should you or shouldn’t you? Seems as if someone is always promoting the purchase of long term care insurance.
2011-09-16
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Forbes
Are You on Track to Retirement?
According to our research, a majority of employees across all age groups and income brackets have never run even a basic retirement projection to see if they’re saving enough to reach their goals. In fact, many aren’t even sure what their goals are. Defining those goals and what retirement means to you is a good place to start. After all, it’s hard to know whether you’re on track if you don’t know where you’re going.
2011-09-14
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U.S. News & World Report
How to Save on Insurance Costs
More than other age groups, people over 65 are reluctant to consider changes in their insurance needs. According to industry surveys, older consumers get locked into insurance policies for the long run, and are less likely to change them than younger consumers. Of course, with grown families and less likelihood of lifestyle changes, there may be fewer reasons for seniors to change the coverage terms of their policies.
2011-08-09
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Time Magazine
Preparing for Long-Term Care: Any Good Options?
A huge wave of baby boomers may need long-term care in their golden years — and yet fewer than half have taken steps to prepare for it. That's the sobering conclusion of a recently released industry study that shows two-thirds of Americans believe it's important to plan for long-term care, but only 44% have taken steps to protect themselves — and most of those steps only involve boosting their savings accounts. But while it's clear that not enough people are thinking about preparing for their long-term-care needs, it's not at all clear what, if any, the best solutions are.
2011-02-08
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Miami (FL) Herald
Turning 65? Time to brush up on the details of Medicare
For the generation that starts turning 65 this year, it's time to face up to the inevitable: Medicare. ... Though this birthday no longer guarantees full retirement benefits, the big six-five still means one thing: Medicare eligibility.
2011-01-03
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MSNBC
What people pay into Medicare won't cover costs
You paid your Medicare taxes all those years and think you deserve your money's worth: full benefits after you retire. ... But a newly updated financial analysis shows that what people paid into the system doesn't come close to covering the full value of the medical care they can expect to receive as retirees.
2010-12-30
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Fox News
Poll: Baby Boomers Expect to Outlive Medicare Benefits
The first baby boomers will be old enough to qualify for Medicare Jan. 1, and many fear the program's obituary will be written before their own.
2010-12-29
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USA Today
Long-term care insurance worries Baby Boomers
Long-term care insurance is supposed to protect seniors and their families from the soaring costs of nursing home and home-based health care. ... But the same factors that have highlighted the need for long-term care insurance — a rapidly aging population, lengthening longevity and unpredictable health care costs — have made it increasingly unprofitable for insurers.
2010-11-22
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USA Today
MetLife axes long-term care insurance coverage
MetLife said Thursday that it plans to stop selling long-term care insurance at the end of December and won't sign up new customers into group plans as of next year.
2010-11-12
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U.S. News & World Report
On Retirement : 7 Ways to Select a Long-Term Care Insurance Policy
Health care costs in retirement will be significant. A sickness or injury that creates a need for long-term care can be financially devastating. This is why purchasing long-term care (LTC) insurance can be such an important part of retirement planning. When considering LTC coverage, pay particular attention to these important policy provisions.
2010-10-28
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U.S. News & World Report
Medicare Advantage Plans Need Careful Study
If you are new to Medicare or one of more than 11 million people with a Medicare Advantage (MA) policy, be prepared to do a careful review early this fall when the new policies for 2011 are made available on the Medicare site.
2010-07-15
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U.S. News & World Report
How to Find Affordable Long-Term Care
A prolonged illness or chronic condition could end up being one of your biggest retirement expenses. Medicare pays for a maximum of 100 days of nursing home care
2010-05-17
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CNN - Money Magazine
Your toughest retirement puzzle: Long-term care
Ask someone why he or she bought a long-term-care insurance policy and you will probably hear a story about family. Often a sad or scary story. ... The high cost of insurance is one of the challenges anyone faces in thinking about how to pay for long-term care. The risk that you will need nursing-home care or a home health aide is certainly real. About 70% of seniors eventually need help, and nursing homes (the most intensive kind of care) can cost $200 to $300 or more a day. ...
2010-04-07
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Pioneer Press (IL)
Seniors: plan ahead to avoid costly disasters
Planning ahead can make a big difference for older adults. A recent article in AARP magazine highlighted the reality of long-term care costs and the devastating effect it can have on a family. ... Another option is a Continuing Care Retirement Community which provides Full Life Care. ...
2010-04-01
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U.S. News & World Report
Why Long-Term Care is So Hard to Provide
Finding a better way to protect people from being forced into poverty by long-term care expenses would seem a laudable goal of health reform efforts. The difficulties in finding that better way provide just one of many lessons about why reform efforts are so hard. Long-term care is very expensive and most people will need to be cared for at some point in their lives. There is private long-term care insurance, but it's expensive and few people buy it. There is a relatively new market for group long-term care policies and while it shows some promise, its development has been hurt by the recession and cutbacks in all types of employer benefits.
2009-11-19
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CNN - Money
Seniors squeezed as doctors shun Medicare
If a proposed 21% cut in payment rates goes through in 2010, it could spark a physician boycott against new enrollees.
2009-11-01
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Saratoga (NY) Saratogian
Long-term care insurance: To buy or not to buy
Baby Boomers are living longer and healthier lives than any generation in history, but in advanced years, the majority will require some type of long-term care. ... Such care already costs more than $100,000 per year and is expected to grow steadily upward. By the time people require skilled care, however, it’s too late to start planning financially. To prepare for their 80s, 90s and 100s, long-term care insurance is an option for people in their 50s and 60s to consider now.
2009-10-27
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U.S. News & World Report
Don't Ignore Likelihood of Long-Term Care
Most people will require professional long-term care help at some time in their lives, and it costs a bundle. Despite this demographic certainty, people continue to look the other way when it comes to how they will take care of themselves when they're old. Taking care of today's needs is hard enough, right? So, LTC insurance soldiers on as a product that most experts recommend but that is owned by well under 10 percent of the eligible population.
2009-10-01
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Jackson (TN) Sun
Weigh expenses, returns of long-term care insurance
Opinions vary on the practicality of buying long-term care insurance. ....
2009-08-09
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CNN - Money
5 freedoms you'd lose in health care reform
If you read the fine print in the Congressional plans, you'll find that a lot of cherished aspects of the current system would disappear.
2009-07-24
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U.S. News & World Report
Paying for Health Care in Retirement
Baby boomers who have lost their health insurance often struggle to find affordable coverage until Medicare kicks in at age 65. But even qualifying for government health insurance won’t completely quell your money worries. While Medicare is far more affordable that buying an individual health insurance policy, the program still has significant premiums and out of pocket costs for retirees.
2009-07-06
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New York Times (NY)
Getting Insurance for One’s Frailest Years
Long-term care insurance ... offered as a way to pay for a nursing home, assisted living, home health care and other costs associated with growing older. But where to begin? The policies are expensive, complicated and have a severely flawed history.
2009-06-26
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CNN - Money
The coming long-term care crisis (and why personal finance can’t solve every problem)
I’ve been a personal-finance journalist for over a decade, and what I’m about to say almost amounts to heresy in my line of work: Some of your most pressing financial questions just don’t have any satisfying answers. There may not be much you can do.
2009-06-11
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Fort Collins (CO) Coloradoan
Personal finance: Tips help buyers evaluate long-term care insurance
According to the New England Journal of Medicine, nearly half the people over age 65 will have at least one stay in a nursing facility. How does a couple or surviving spouse plan to pay for extended care without exhausting their savings and risk jeopardizing a comfortable retirement lifestyle? ... Some of the more common reasons people buy long-term care insurance are:
2009-05-31
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Chicago (IL) Tribune
8 tips on paying for health care in retirement
It's difficult to predict what your health care expenses will be in retirement. ... Here are some tips on how to cope with health care expenses in retirement:
2009-04-22
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New York Times (NY)
Doctors Are Opting Out of Medicare
Many people, just as they become eligible for Medicare, discover that the insurance rug has been pulled out from under them. Some doctors — often internists but also gastroenterologists, gynecologists, psychiatrists and other specialists — are no longer accepting Medicare, either because they have opted out of the insurance system or they are not accepting new patients with Medicare coverage. The doctors’ reasons: reimbursement rates are too low and paperwork too much of a hassle.
2009-04-01
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U.S. News & World Report
4 Tips for Investing in Your Physical Wealth
Getting healthy—and staying that way—is the best physical and financial insurance. Invest a dollar in better health today, and your future returns (in the form of lower health-care expenses) could far exceed earnings from stocks and bonds.
2009-02-11
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Asbury Park (NJ) Press
Long-term care policies prove costly
Regulation of long-term care insurance has been left to individual states, creating a hodge-podge of laws and requirements for insurers that vary widely across state lines. Even those who strongly advocate the purchase of long-term care insurance admit that shopping for a policy can be bewildering for consumers.
2009-01-25
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U.S. News & World Report
6 Tips to Save on Insurance Costs
While older consumers might be reluctant to reduce their spending on insurance, they should think about whether some wise trims can be made without sacrificing their key insurance safeguards. Here are tips for where to look for auto, home, life, and health insurance savings:
2009-01-05
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U.S. News & World Report
7 Ways Laid-Off Baby Boomers Can Find Health Insurance
Workers who find themselves unexpectedly laid off in middle age or forced into early retirement have many worries. One of their greatest fears is about finding health insurance coverage. ... Here’s a look at your health insurance options before you qualify for Medicare.
2009-01-05
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Oakland (CA) Tribune
Long-term care insurance often ignored
Living a longer life could leave you financially short when it comes to having a comfortable standard of living in your retirement years. Sure, those extra years can be rewarding and full of new adventures. But the longer you live, the more likely it is that you may need long-term care, whether it be in-home care or an extended stay in a nursing home.
2008-12-08
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The Street.com
A Look at Long-Term Care Costs
Seventy percent of Americans haven't planned for their long-term care needs in retirement, according to Employee Benefit News. What's more, 70% of people over age 65 will require that care, whose cost is high and rising. ... Here's a primer on LTCI, along with information to help you determine if it's right for you.
2008-12-02
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Deming (NM) Headlight
Health insurance vital in retirement
If you've already retired or plan to in the near future, it's a good idea to review your health care coverage to make sure it has kept pace with your changing needs. Adequate health insurance is a vital component of overall financial security, especially as we age and require more medical care.
2008-11-03
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New York Times (NY)
Young Workers Must Face Realities of Long-Term Care
With life expectancy steadily rising, the odds are that they will eventually need some help with basic functions, like dressing or walking, maybe for decades. But many boomers are ignoring this prospect.
2008-10-22
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Forbes
Long-term care insurance: pricey but necessary?
The Smiths are among 8 million Americans with long-term care insurance - an area where insurers expect big growth as baby boomers zero in on their senior years. The projections are high because the reality is that about 70 percent of people over 65 will require some type of long-term care services during their lifetime, according to the National Clearinghouse for Long-Term Care Information. It might come at any age, actually; 40 percent of people currently receiving long-term care are 64 or under.
2008-09-17
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U.S. News & World Report
The Best Age to Buy Long-Term-Care Insurance
Not everyone needs long-term-care insurance. According to Consumer Reports Money Adviser, only people with assets between $200,000 and $2 million should be perusing policies. Retirees with assets of $2 million or more should be able to pay for the full cost of care. And those with a net worth below $200,000 to $300,000 (not including a house) won't be able to comfortably afford pricy premiums and will probably rely on government programs if they need long-term care. Here's what Consumer Reports uncovered about the ideal age at which to buy:
2008-09-02
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Dallas (TX) Morning News
Long-term care policies cover help in old age
Two-thirds of Americans older than 65 will require professional help coping with chronic illnesses at home or in a senior-care facility, says the Center for Retirement Research at Boston College. Two-thirds of Americans older than 65 will require professional help coping with chronic illnesses at home or in a senior-care facility, says the Center for Retirement Research at Boston College.
2008-07-30
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Hattiesburg (MS) American
Become long-term care aware
If you are employed and become ill or have an accident, your accumulated sick leave may cover your living expenses - at least for the short term - but what about the long term? How long could you live without a steady income? I'm not old enough to be concerned or am I? ... I have found that often people do not want to talk about the prospects of needing long-term care. However, in the blink of an eye, the need for day-to-day assistance could become an issue.
2008-07-11
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BusinessWeek
Keeping Covered
Early retirement, a dream of many, can turn into a nightmare for those forced to buy their own health insurance. Too young for Medicare, early retirees who can't get coverage through a spouse often must fend for themselves in the market for individual policies.
2008-07-03
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U.S. News & World Report
Can You Afford Long-Term-Care Insurance?
Long-term care is likely to be most Americans' greatest expense of all in retirement. A private room in a nursing home costs $76,460 annually on average, or $209 a day, and Medicare typically won't cover it. Long-term-care insurance can help protect you from some of these unpredictable costs. It can be used to pay for nursing home expenses, adult day care, and in-home help for seniors with chronic conditions or who need extra help recovering from an illness.
2008-06-30
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West Chester (PA) Daily Local News
Stretch assisted-living dollars with deductions
Recognizing the cost of assisted living - which can begin in the area of $5,000 per month and that additional personal aides may be hired to assist at further expense - families need to consider any reasonable means to stretch their dollars. Otherwise, when their family member's funds are spent, typically the resident must leave or find alternate placement. ... Another break both for assisted living or skilled care might come from an unexpected source, the Internal Revenue Code and tax deductions, but only in limited circumstances. Here is how it works. Check with your accountant for further details.
2008-06-30
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Associated Press
Fidelity: $85k needed for long-term care costs
A 65-year-old couple needs $85,000 on average to cover insurance costs for long-term care such as nursing home stays in retirement, according to a study to be released Thursday by Fidelity Investments.
2008-06-26
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Seattle (WA) Times
Liz Taylor on why long-term care insurance is important
I have a love-hate relationship with long-term- care insurance. As readers know, I strongly recommend that most comfortably well-off Americans consider buying a policy. I bought mine almost a decade ago, and, as much as I don't like forking over $200 a month for it, I'm glad I bought it. The main reason: I see no alternatives. Here's why:
2008-06-16
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Wall Street Journal
Choosing Where to Live
Health-care costs aren't at the top of the list when baby boomers consider where to live in retirement. But maybe that should change. Charges for medical insurance and for health care differ tremendously in different locales, says Steve Zaleznick, president of Longevity Alliance, a Washington, D.C., company that provides quotes for retirement-related financial services.
2008-06-15
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Charlotte (NC) Observer
Are you insured for long-term care?
If you don't qualify for Medicaid or have unlimited savings to set aside for future care, your best bet may be long-term care insurance. The premiums are less expensive and it's easier to qualify if you buy it in your 50s than in your 60s or beyond, according to the AARP and other advocates for older people.
2008-06-15
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Binghamton (NY) Press & Sun-Bulletin
Understanding long-term care is vital
Living into your early 70s used to be common; now increasingly more people are living into their 80s and 90s. Improved medical care combined with better nutrition and a more active lifestyle tends to result in longer and healthier lives. While it is encouraging, an extended life brings with it the increased likelihood of experiencing a long-term illness. To effectively preserve our dignity and freedom of choice tomorrow means carefully considering our options today.
2008-06-09
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San Bernardino (CA) Press-Enterprise
Research, planning can increase long-term care options
Nearly 70 percent of all today's 65-year-olds will need long-term care, researchers say. Twenty percent of those people will need it for more than five years, according to a study sponsored by the National Investment Center for the Seniors Housing & Care Industry. Finding the best care option depends on planning, research and financial resources, experts say.
2008-06-07
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Melville (NY) Newsday
Let the chronically ill be home
Every day, countless middle-class elderly New Yorkers are stripped of their dignity - not to mention their homes and other assets - and propelled by government regulation into poverty in order to get health care. Their crime? They are unlucky enough to have the wrong disease, one that leaves them neither sick enough to require acute hospitalization nor well enough to live at home unassisted.
2008-05-30
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Colorado Springs (CO) KKTV
Protecting Your Life Savings
Statistics show one out of every four American households cares for someone over the age of 50. Many of those families just can't afford to get help. Buying any type of insurance is like rolling the dice. You never know if you'll need it, but your policy gives you peace of mind if you're involved in a car accident or if your house goes up in flames. The same is true with a long term care policy. If you suffer a chronic illness or have a memory problem and need help with daily activities... long-term care insurance pays for in-home care. It can also pay for you to stay in a nursing home or assisted living facility.
2008-05-09
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Wicked Local Plymouth (MA)
Dollars and sense: Long-term care insurance basics
As millions of Baby Boomers head into their retirement years, it’s surprising how few actually know that the government provides little more than a few weeks of financial support for nursing home care when the average person needs it for at least a year. Long-term care insurance (LTC) may be one solution for those who need to bridge the gap between their savings and the actual costs they could face if they or a family member requires care.
2008-05-06
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U.S. News & World Report
The Greatest Retirement Expense of All
You've probably heard the quip: Be nice to your kids because they'll pick your nursing home. But unless your kids do quite well for themselves, they may not be able to afford one. ... A new survey of 10,000 nursing homes, assisted living facilities, and home care providers by Genworth Financial found that costs of long-term care have jumped by as much as 25 percent in some areas since 2004.
2008-05-05
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CNN - Money
When to get long-term-care insurance
It's not alarmist to think that you'll need long-term care in your lifetime. Among Americans who reach their 65th birthday, 45% will have to pay for some kind of long-term-care services, according to the actuarial firm Milliman. ... Insurance could preserve your estate for your heirs and save incredible heartache. On the other hand, it's expensive and chances are you won't need it.
2008-04-29
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Seattle (WA) Times
Study finds increases in nursing home, assisted living costs
Costs for nursing homes, assisted living facilities and some in-home care services have increased for a fifth consecutive year, and could rise further if a shortage of long-term care workers isn't resolved, a new study indicates. ... He said that individuals, especially the baby boomers born between 1946 and 1964,
2008-04-29
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Washington (DC) Times
Health system unready for boomer onslaught
Millions of baby boomers are approaching a point in their lives when they will need geriatric care, but the U.S. health care system is
2008-04-15
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Financial Planning
Long-Term Care Redefined
If you ask most advisors about long-term care, they will immediately add
2008-04-01
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Agoura Hills (CA) Acorn
Importance of long-term care insurance
By now, most Americans have heard about longterm care insurance, yet many have shied away. According to numerous polls, most Americans believe that long-term care will be paid by Medicare, Medicaid (Medi-Cal) or private health insurance. These misconceptions could prove financially disastrous to those who do not know the facts.
2008-03-27
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Middletown (NY) Times Herald-Record
Personal Finances: Check out pros and cons of long-term care policies
When it comes to the retirement conversation, mostly everyone wants to plan for the freedom to pick up and travel to exotic locations. But when the talk turns to long-term care, suddenly clients get a bit uneasy. The concept that
2008-03-26
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Miami (FL) Herald
Some Insurers Consider Bridging Health Coverage For The Pre-Medicare Crowd
''Making it to Medicare'' has become one of the biggest challenges for baby boomers who retire or are laid off before 65. ... But there may be hope on the horizon. Lured by the baby boomer generation's size and affluence, a number of insurers have begun to market policies specifically geared to the 50-to-64 age group.
2008-03-23
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U.S. News & World Report
Filling the Gaps in Medicare Advantage
Medicare Advantage plans came under fire last month when it was reported that these private managed care plans, conceived as a way to offer more comprehensive coverage than traditional Medicare while at the same time saving seniors and the government money, end up costing some beneficiaries more. ... Now it turns out that savvy insurers are capitalizing on these coverage shortcomings, offering supplemental insurance policies to fill gaps in Medicare Advantage plans that weren't supposed to be there.
2008-03-21
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Oklahoma City (OK) The Oklahoman
Various funding sources available to pay for long-term care at home
As we age, most of us want to stay in our own homes for as long as possible. We want to maintain our independence and self-sufficiency. If we are unable to stay in our homes without assistance, most of us are willing to obtain the care and assistance we need to continue to stay at home, rather than move to a health care facility. There are several possible options for paying for long-term care at home.
2008-03-20
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Los Angeles (CA) Times
The cost of care for seniors
Older adults may save money by remaining in their own homes as they age. The following statistics show average costs for various types of care.
2008-03-13
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Columbia (SC) State
Getting good health insurance after retirement
Plan ahead for your retirement health insurance needs.
2008-03-09
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USA Today
Fidelity: Couple needs $225,000 for retirement health care
A couple retiring this year will need about $225,000 in savings to cover medical costs in retirement, according to a study released Wednesday by Fidelity Investments.
2008-03-05
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Smart Money Magazine
The Latest in Long-Term-Care Insurance
Since first launched in the 1970s, long-term-care insurance has grown increasingly complex as dozens of plans, complete with numerous riders and thick booklets of terms, have entered the market.
2008-02-20
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