Are you counting on the government’s default plan?

If you haven’t prepared for the probability that your health will change during retirement, don’t fret … the government has a default plan for you. 

The problem is, you might not like what you have to do to get it.

Fortunately, you still have some choices. Not sure what they are? All the more reason to read A Boomer’s Guide to Long-term Care.  

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.

Americans now even more irresponsible about money

70 million Americans are teetering on edge of financial ruin. Click here to read the full story on MarketWatch.      

Retirement reality bites for boomers …

According to a study by Bankers Life, 72% of retired boomers are not currently working for pay. Of those, 48% would like to, but can’t because of health reasons (35%), because they can’t find a job (8%), or because of the health of a loved one (5%).

69% of retired boomers had to retire earlier than they wanted/expected.

70% retired early for reasons not in their control: 39% because of personal health, 19% got laid off, and 6% can no longer do the job. 

Obamacare lacks protection for LTC insurance

Since the Affordable Care Act was passed in 2010, it has been illegal for insurance companies to deny any eligible U.S. citizen health coverage for any reason, even if you have a preexisting condition.

But Obamacare has no provisions pertaining to long-term care insurance.

According to a recent study of 2014 buyers, as many as 45 percent of applicants for long-term care insurance, age 70 or older, were declined coverage. So it’s best to apply for this protection while you are in your 50s or 60s before your health changes. 

What are the biggest threats to your retirement security?

Here is a good article from the Wall Street Journal pointing out the biggest threats to your #retirement security. And the #markets and #economy are not among them.  

No long-term care insurance? Consider this …

Have you been shopping for long-term care insurance but found the prices beyond your reach? Or maybe you applied for coverage but can’t qualify. Here’s an idea to consider that might not cost nearly much plus could let you stay in your home a lot longer if you require extra care.

Long-term care is generally needed when you cannot perform 2 out of the 6 activities of daily living — eating, bathing, dressing, toileting, transferring (walking), and continence. But if you make your home more accessible as you age, you may not need much assistance getting around.

Take a few moments to walk through your home. Imagine you are elderly and possibly in a wheelchair. Can you easily go from room to room? Are the doors wide enough for a wheelchair?

You could downsize to a ranch-style home in retirement so you can move around with more ease if needed. Or you could make necessary changes in your home so you can remain as independent for as long as you can in retirement. If you decide on the remodeling route, you might consider contacting a Certified Aging-In-Place Specialist (CAPS), a certification of the National Association of Homebuilders (NAHB).