United Press International reports today that the ability of seniors to afford the costs of senior housing and long term care are being hit very hard by turmoil on Wall Street
Massive Wall Street losses since its highs less than two years ago have cut many retirement accounts in half, reports University of Illinois Law Professor Richard L. Kaplan. The average costs of staying in an assisted living or skilled nursing property can be quite high; and with the losses on Wall Street combined with historic lows in the real estate market, the ability of seniors to afford care by means other than meeting poverty levels to qualify for Medicaid is quickly becoming impossible for many. Events from this year impacting owners of long term care insurance polices have made that option less reliable and added fuel to the flames of concern shared by seniors everywhere.
People want to continue their high quality of life even after it becomes necessary to leave their homes– and to do so it will be necessary to understand every possible funding option available and be in a position to act when the time comes.
Click here to read more on the UPI report.