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
“There were ten in the bed and the little one said, ‘Roll over, roll over.’ So they all rolled over and one fell out.” Most of us know this line from the children’s nursery rhyme. I don’t know about you, but I cringe when I think about 10 in a bed. It’s a little too
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
We often are asked what the difference is between life insurance and long-term care insurance (LTCI). One answer is it’s the difference between mortality (death) and morbidity (illness). But both insurance products are designed to protect income, assets and standard of living. Underwriting life and LTCI are both based on claims experience, life expectancy, health
Years ago, I managed the regional multi-state Medicare business for a large, well known insurer. Frequently, I would hear stories about a person aging into Medicare who had talked to a friend who worked with a guy that knew an expert who told them that Medicare paid for long-term care (LTC). Still today it’s not
