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Boomers Had to Address Long-Term Care Requirements
A brand-new research study by the American Council of Life Insurers (ACLI) shows that infant boomers have to
take note of the very genuine possibility they might need long-term care. The factor: intensifying long-lasting care
"Long-Term Care Insurance or Medicaid: Who Will Pay for Baby Boomers' Long-Term Care?" sounds the alarm on
a possible national long-lasting care crisis. More crucial, it is a call to action for people to include long-lasting care
in their retirement planning, stated ACLI President & CEO Frank Keating.
The research study reveals that an one-year stay in a retirement home averages almost $70,000 for a private
space or more than $61,000 for a semi-private space. By 2030, the exact same stay in a semi-private space will
cost an approximated $190,000, more than tripling over the next 25 years. A lot of Americans can not save enough
to cover these high expenses by themselves.
"Americans are living longer than before. That readies news, however it has some risks. One of those dangers is
that lots of future senior citizens will be facing astronomical long-term care expenses," Keating stated.
The issue is of specific interest to women because they tend to outlive men. A 65-year-old lady has a 50 percent
chance of needing assisted living home care in her lifetime-an expense that might potentially wipe out her
What can be done? Life insurance providers advise long-lasting care insurance coverage.
Long-term care insurance is an important part of a sound financial plan for retirement. If they require long-lasting
care services, it assists people keep independence in retirement. Long-lasting care insurance policy holders don't
need to depend on government programs or their family to spend for care. Furthermore, the item has actually
evolved over the years. It now uses a wide range of services in a range of settings. Some policies may consist of
compensation for break care, medical devices, care coordination services and even home adjustment.
"Long-term care insurance offers retirement security to millions of Americans. More need the security it offers. With
long-term care insurance as part of a retirement strategy, Americans are much better equipped to protect their
life-long savings and preserve their standard of living," Keating said.
Long-term care policyholders don't have to rely on government programs or their family to pay for care. Some
policies might include repayment for respite care, medical devices, care coordination services and even home
"Long-term care insurance provides retirement security to millions of Americans. With long-term care insurance as
part of a retirement strategy, Americans are much better geared up to protect their life-long savings and maintain
their standard of living," Keating stated.