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….
Posts tagged "Retirement Funding"
State lawmakers understand the situation, and efforts throughout the country are underway to find alternative, private-market solutions to help pay for LTC services. Ten years ago it looked like long-term care insurance was going to be a major part of the solution. Unfortunately, growth in sales for the last decade has actually declined and serious market disruptions further hampered the product. The combined impact of MetLife leaving the market in 2010 and The Guardian leaving the market in 2011, multiple rate increases from Genworth and…Long Term Care Insurance, Retirement Funding
Assurance Benefit program converts life insurance policy for seniors to pay for long term care (February 22, 2011) – Seattle, Washington – Emeritus Senior Living, a national provider of assisted living services to seniors, announced today that it is partnering with Life Care Funding Group to educate seniors about the financing options available for covering long term care, including assisted living. Emeritus is actively working to raise awareness of the Assurance Benefit offered by Life Care Funding, which converts the death benefit of an active…LifeCare Partnerships, Retirement Funding
Two recent reports add more evidence to the alarming trend of financial pressure being pushed back onto seniors and their families as they reach the age that the costs of long term care play a central role in their lives. In addition to Medicaid cuts in the states and cuts to Medicare being proposed as part of healthcare reform, more money will continue coming out of seniors’ pockets. The annual MetLife Mature Markets Institute study tracking the costs of long term care in assisted living,…Long Term Care, Retirement Funding
In reaction to the deepening economic crisis, “senior living” companies that provide independent living, assisted living, continuing care retirement communities and skilled nursing care have begun actively offering “Funding Solutions” programs to seniors and their families. Deep losses in the value of homes and investment portfolios, as well as the decline of long term care insurance companies, have had a very painful impact on people preparing to enter the stage of life where living at home alone is no longer a viable option. Making this…Health Care Industry, Retirement Funding
The impact of this economy on seniors and their families has been particularly difficult. Housing values are down significantly and the time it takes to sell a home is now measured in months instead of weeks. Income from retirement accounts and investments have been reduced in many cases by half or more due to the volatile stock market. For those now facing decisions about retirement and possible moves into senior housing, assisted living and long term care the impact of the economic crisis has been…Cost of Care, Retirement Funding