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Most Americans
fear they'll need long-term care at some point after retirement,
but only a small percentage are are doing anything about it,
according to a survey conducted for the John Hancock Life Insurance
Co.* It states that 85 percent of respondents worry about needing
long-term care at some time in their future, an increase from
80 percent a decade ago.
Long term
care addresses a wide range of long term care and supportive
services for people who may have cognitive impairment or who
are unable to accomplish certain activities of daily living over
an extended period of time. These can include activities such
as bathing, continence, dressing, eating, toileting, and transferring.
Long term care services can be provided in a variety of settings,
including your home, assisted care facilities or nursing homes;
and it can be very expensive.
Many Americans
incorrectly believe Medicare and/or Medicaid will help fund their
long-term care expenses. This is simply not true. Some feel they
will be able to "trick" the system, but this has become
much more difficult to do. The Deficit Reduction Act that was
signed on February 8, 2006, has caused most states to radically
alter Medicaid parameters and long term care programs. The loopholes
are being closed. For more information, click here. |
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The study also found that almost 60 percent of the respondents
worry about paying for long-term care, but nearly 70 percent
of these people said they have done little planning, if any,
for long-term care needs. Furthermore, Americans are living longer,
care costs are rising, and company pension programs are being
cut back. Because the average cost of nursing home care has risen
to more than $71,000 a year, the costs for in-home care are also
rising and it is apparent the rate of future increases will continue
to be high; there is a looming crisis in America. Americans are
not facing the realities of what lies ahead, especially the potential
need for long-term care.
Right now,
Americans seem to be avoiding the issue. According to the survey,
more than 60 percent of adults haven't tried to calculate the
amount of money they need for retirement. Of those who did the
calculation, nearly half didn't factor in long-term care. Of
those who did, nearly four in 10 did nothing about it.
One important
financial tool possibly being overlooked is Long-Term Care Insurance.
Many people do not realize this type of insurance can be tailored
to fit a persons budget as well as help with some of the potential
costs of long term care. In other words, there are many variables
that can be tailored to meet an individual's financial budget
as well as help with the cost of future long term care needs.
A qualified Long-Term Care Insurance representative should be
consulted to help develop an appropriate plan.
* The survey
was conducted by Greenwald & Associates.
About the author
M. Sanders is a long term care insurance marketing specialist.
She is appointed throughout the United States as a long term
care insurance representative with several major insurance carriers.
Her website, About Long Term
Care and LTC Insurance, contains information and articles
pertaining to long term care, insurance and other related senior
topics. It is her goal to inform the public about these increasingly
important topics.
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