Wednesday, June 24, 2015

Boomers lacking in long-term care planning

According to Pew Research, more than 10,000 baby boomers are turning 65 each day, a trend that will continue for the next 15 years. And that brings up these startling facts: 
  • For couples, there is a 91 percent chance that one spouse will require long-term care. 
  • A majority of Americans falsely believe that their medical insurance will pay for long-term care. 
  • The cost of senior care can range from $29,640 per year for in-home care to more than $94,170 for convalescent care. 
  • Less than 3 percent of Americans maintain long-term care insurance.

What are your plans in case your health changes and you need additional care in your home or elsewhere?

Maybe you’ve looked into long-term care insurance but found it too expensive or you didn’t qualify for coverage. That doesn’t mean you can simply stick your head in the sand and hope the situation never comes up.

Before it’s too late, find out what government programs will pay and more importantly what they won’t pay. Then consider the many alternatives that could be available to you.

Where can you get all that help in one easy-to-read source? Right here in your copy of A Boomer’s Guide to Long-term Care.

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