Considering long-term care insurance?

Long-Term Care Combo Policies

by Terry Savage

August 9, 2016

“Needing long-term care is an unpleasant thought as you approach retirement age.  But ducking this issue could be the most expensive mistake you make about your retirement.

Aside from the obvious reluctance to think you might need help with basic activities of living, you might figure you’ve saved enough to cover the costs of care.  Think again.

According to the latest Cost of Care survey by Genworth, which sells long-term care insurance, it now costs an average of about $3,800 per month for in-house care for a year, a similar amount in assisted living and about $7,700 per month for a private room in a nursing home.

Need for care typically lasts only about two to three years, but extended care for Alzheimer’s could wipe out (your) savings….

According to Home Instead Senior Care, one of the largest franchisers of care-giving services, only about 20 percent of its clients pay for care through long-term care insurance policies.  The rest are digging into their own pockets.”

Read more

To compare long-term care costs by state go to:  https://www.genworth.com/about-us/industry-expertise/cost-of-care.html

Terry Savage is a nationally known expert on personal finance, the markets, and the economy. Terry is a regular blogger at the Huffington Post. She is a frequent guest on television and radio shows, including CNN, CBS, and she has appeared many times on Oprah.

 

Medicare Advantage

Medicare Advantage: Know the Pitfalls

Source:  http://squaredawayblog.bc.edu/squared-away/medicare-advantage-know-the-pitfalls/

%d bloggers like this: