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
Today, about 6% of the cost of long-term care is paid by private insurance. That’s because so few have planned for this expense. If you think about it, longevity is new to humankind. It’s really only two or three generations old. Longevity brings with it new requirements like retirement financial planning. And, long-term care expense
For most Americans there are just three funding options to pay for long-term care expenses. Original Medicare, even with a Medicare supplemental policy, is not one of them. Recent changes allowed by the Centers of Medicare and Medicaid (CMS) for Medicare Advantage plans may cover some custodial needs if health related, but consumers need to
Outliving income is a major concern for many Americans. Long-term care is a likely expense for 70% of Americans age 65 and older and can quickly deplete savings and investments. For most Americans there are just three funding options: self-fund using income and assets, long-term care insurance or qualifying for Medicaid which is government assistance
Help me out here. Do you buy insurance hoping you will use it? Really? Most of us don’t. We buy insurance to offset risk. The premise being we pay a small amount to offset large or catastrophic expense. Unlike other insurance products — auto insurance where we see roughly one claim in 300 policies or
One of the best and most awaited tools in the long-term care insurance industry is the Genworth Financial annual cost of care survey. It offers costs of care venues in a user friendly interactive format and enables financial advisors, insurance producers and consumers to understand the median cost of care venues in 435 regions in
