By Allison Bell August 1, 2012 Executives at Genworth Financial Inc. (NYSE:GNW) said the company plans to ask for for another round of premium rate increases on in-force long-term care insurance (LTCI) policies. The increases would bring the average total premium increase to more than 50% on “older generation” policies over the next 5 years. The company also is seeking increases that would increase the average premium on an early series of “new generation” policies by more than about 25% over the next 5 years….
Posts tagged "Cost of Care"
U.S. News and World Report Retirement healthcare costs get regular attention as the biggest unknown expense most of us will face as we age. Yet at least one of those costs—long-term care—stems from a situation that is statistically well-known. About 70 percent of people now age 65 and older will need some period of extended care during the remainder of their life. Further, according to a recent study, people who think they may need long-term care at some point turn out to be pretty reliable…Cost of Care, Nursing Home
By Lauren McNitt ProWEB Wire (Industry News) Baby boomers are more concerned about their ability to pay for medical care in their old age than facing a major illness or losing the ability to do their favorite activities, according to a new Associated Press-LifeGoesStrong.com poll. Nearly half, 43 percent, of baby boomers said they were “very” or “extremely” worried about being able to pay their medical bills, including long term care. Almost as many, 41 percent, said they are concerned about losing their financial independence….Cost of Care, Retirement Funding
CHICAGO, July 21, 2011 /PRNewswire/ — Two out of three (67 percent) of America’s middle-income Boomers expect that their retirement experience will be drastically different from that of their parents, according to a recent study released by the Bankers Life and Casualty Company Center for a Secure Retirement(SM) (CSR). The study, Middle-Income Boomers, Financial Security and the New Retirement, which focused on 500 middle-income Americans between ages 47 and 65 with income between $25,000 and $75,000, found that the pensions and guaranteed income are what…Cost of Care
A survey conducted by AgingCare.com found that although adult children are often responsible for paying for their elderly parent’s care, the large majority of caregivers are vastly unprepared. The survey found: 63% of caregivers have no plan as to how they will pay for their parent’s care over the next five years. 62% say the cost of caring for a parent has impacted their ability to plan for their own financial future. “With an estimated 34 million Americans providing care for older family members, the…Cost of Care, Economic Crisis, Senior Issues
National Underwriter The average, annual cost of a private room in a U.S. nursing home has increased to $77,745 this year, up 3.4% from the 2010 average. Analysts at Genworth Financial Inc., Richmond, Va. (NYSE:GNW), have published those figures in a summary of results from a survey of 15,500 long term care providers in 437 regions throughout the United States. Although the rate of increase is only about half the rate of increase in acute care costs, the rate of increase in nursing home costs…Cost of Care, Nursing Home
Medicaid in particular has become a serious problem for the states. It funds at least 2/3 of all spending for nursing home care and is the primary payer for long term care services in the United States. Unlike Social Security and Medicare, seniors do not automatically qualify for Medicaid at age 65 and instead must qualify based on income and assets at indigent levels. Many seniors follow a “spend down” path to get rid of money and assets so that they can qualify. Since the…Cost of Care, Medicaid, Senior Issues
The U.S. and the state of Wisconsin is experiencing a massive influx of seniors and Baby Boomers hitting the long term care system at the worst possible time from an economic perspective. This economic crisis now well into its third year is translating into less tax dollars for Medicare and Medicaid to pick up the costs of long term care which is forcing more emphasis back on the consumer to cover costs out of their own pocket. Seniors and their families are uninformed and unprepared to handle…Cost of Care, State Bills
Average out-of-pocket Medicare spending hit $3,103 annually in 2006, according to an AARP Public Policy Institute report released this week. About 10 percent of Medicare recipients spend over $8,300 in out-of-pocket funds annually, which translates into about 25 percent of total income for the poorest recipients. Three-quarters of the out-of-pocket spending in 2006 were for nursing home costs, prescription drugs and care providers. Median out-of-pocket spending for long-term health care facilities was $7,611 annually, with 10 percent of beneficiaries spending at least $41,900 for room-and-board…AARP, Cost of Care, Medicare
Ben Schull-MBA, CPCU, ARM: Posted Linked-In 12/30/10 In 2009 1.1 Million seniors received unpleasant and costly surprises from Medicare, the hospital where they were initially treated and the Skilled Nursing facility that they were sent to for recovery and continuing treatment. These seniors thought they were “admitted” to a hospital for treatment for the three days Medicare requires in order to have the doctor order continuing medical rehabbing at a Skilled Nursing Facility which would be covered by Medicare and many Medicare Supplements. The key…Cost of Care, Senior Issues