by BoomerYearbook.com
Planning for the future for Baby Boomers involves much more than picking out a retirement community or diversifying a portfolio. The first Boomers became eligible for Social Security in 2008. The last Boomers won’t be eligible until 2026. Regardless of your year of eligibility for Social Security, there are other avenues you must travel to secure your future, as far as long-term care is concerned.
When referring to long-term care, we mistakenly generalize our thinking to exclusively include our grandmothers and grandfathers in assisted living or nursing facilities. What we must realize is that anyone may require the services of long-term care. Although such conditions as Alzheimer’s disease are quite common in long-term care facilities, any number of conditions can require long-term care. A stroke, paralyzing accident, or chronic illness may strike a person of any age, often catching the patient off-guard. And many people do not know that neither conventional medical insurance nor Medicare is designed for the coverage of long-term care.
What do I need to do, you ask, to make certain I am covered in case I need long-term care? Long-term care is a broad term referring to the services supplied to those who need assistance with their daily activities beyond a normal recuperative period of illness or accident. Naturally, the longer people live, the greater the chance that they will need long-term care. The options for long-term care coverage are limited, making long-term care insurance a recommended choice for ensuring adequate long-term care.
Long-term care insurance is not the same as traditional medical insurance. Long-term care insurance varies by available options on selected policies, and may include such services as nursing home care, assisted living, home health care, and adult day care. According to the MetLife Mature Market Institute, the average annual costs of long-term care services include the following: nursing home, $66,795; assisted living, $35,460; home health care, $24,700; adult day care, $16,896. If you are unsure of your ability to financially sustain long-term care for yourself or an immediate family member, long-term care insurance is a viable choice.
One important point to note, premiums for long-term care insurance are set based on age and likelihood for coverage. The younger you are when you purchase your coverage, the lower your monthly or annual premium. Another factor to consider when purchasing long-term care insurance is the type and amount of coverage you desire. As expected, the more coverage you think you will need, the higher the premium. Information regarding long-term care insurance may be obtained through an insurance agent, your employer, or even through the internet. It is recommended that you gather as much information as possible before making your decision.
Have you considered long-term care insurance? Do you feel like Boomers of all ages need to take advantage of the long-term care insurance option? Tell us what you think at BoomerYearbook.com
www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist, Dr. Karen Turner. Join today to discover the many ways we are helping Baby Boomers connect for fun and profit.
Tags: Add new tag, baby boomers, Boomeryearbook, Long Term Adult Day and Health Care Insurance