Have you ever thought much about your morning routine? Probably not. Most of us are on automatic pilot at wakening. Some mornings my little seven-pound Shih Tzu wakes me with a toy in her mouth ready for playtime. But most mornings I get out of bed and walk to the bathroom to empty my bladder.
Every year for the past 20, Broker World magazine has published a survey on long-term care insurance (LTCI). It’s a huge undertaking and provides valuable information for the industry and consumers alike primarily about the standalone insurance marketplace. A few highlights: Two carriers, Mutual of Omaha and Northwestern, remained the top two LTCI carriers accounting
Friends and business colleagues know that my number one fear is dementia. It’s my sister’s, too. And, my brother’s, too. We’ve seen it first-hand. Our sweet mother needed prompting and then hands-on assistance for about 14 years. Dementia consumed every family conversation and gathering Mom died in 2012. We were concerned that dad might die
In his 2019 industry update, Jesse Slome, executive director of the American Association for Long-Term Care Insurance, reported that LTC insurance claims paid in 2018 totaled $10.3 billion. Insurance pays a fraction of LTC costs Sounds like a lot, doesn’t it? Well, it’s not. It’s barely a fraction of the estimated costs. According to a
Boomers and Gen Xers may have retirement money worries in common. They both voice concerns about outliving income, but for different reasons. In his article about retirement decisions, Steve Vernon reports on several research studies about retirement income. How to maximize Social Security income? Should retirement be postponed? How to manage medical costs and more.
For most Americans there are just three funding options for long-term care. You could self-fund using income, savings, liquidate investments or perhaps do a reverse mortgage. (We like reverse mortgages but mainly for other financial strategies.) Basically, we just don’t like self-funding as an option. It’s expensive! You could transfer the risk of the expense
Like stats and facts? I must admit that I do. Here are some numbers that might take your breath away or at least give you cause to pause: The government projections are by the time we reach age 65 that 70% of us will need some level of long-term care in our remaining years. The
I do a lot of public speaking about long-term care, the risk, costs, funding options, product designs, what insurance covers, etc. Most of the groups that I meet with are trusted advisors – financial planners, CPAs and attorneys. I always ask if they have made a plan for long-term care. I don’t ask them to
That’s how some describe the baby boomer generation. Oh, yes, throw in rock ‘n roll, too. Divorce rates for adults 50 and older have doubled in the past 25 years. According to the National Center for Health Statistics and U.S. Census Bureau, in 2015 for every 1000 married persons ages 50 and older there were