SeniorSite.com For The Young At Heart And Healthstyle Smart  
Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
Home Free Chat Find A Friend HealthStyle Health Finance Retirement Sex Singles Long Term Care About Us
SeniorSite.com - For The Young At Heart And HealthStyle Smart
SeniorSite.com - For The Young At Heart And HealthStyle Smart
SeniorSite.com - Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
Should You Run Out And Buy Long Term Care Insurance When You Turn 55? - Seniors Long Term Care & Nursing Home Issues - SeniorSite.com
Should You Run Out And Buy Long Term Care Insurance When You Turn 55? - Seniors Long Term Care & Nursing Home Issues - SeniorSite.com

Should You Run Out And Buy Long Term Care Insurance When You Turn 55?

Long-term care insurance covers nursing home care and maybe home care for those individuals who cannot perform the activities of daily living referred to as ADLs. These activities are bathing, toileting (I did not make up that term!), eating, dressing and grooming. These are the activities that allow someone to live independently.

Should You Run Out And Buy Long-Term Care Insurance When You Turn 55?

The insurance industry wants to sell long-term care insurance to the young and healthy! It seems they donít want to insure the elderly and infirmed so they are offering it to workers in their 40s and 50s.

Recently some studies indicated that it almost didnít matter when you purchased the insurance for the pricing came out about even. If you bought the cheaper policy at a younger age versus more costly at an older age the premiums ended up costing about the same if you used a targeted nursing home date. Why? Because you pay the cheaper premiums longer. But as you age you do take on the risk of being uninsurable.

The majority of people purchasing long-term care insurance buy this product when they are in their 60s. Just about when they gain membership into the Over the Hill Gang.

So the big question is; do you need it? I donít know! According to Genworth Financialís 2013 Long-Term Care survey, the national average annual cost of a semi-private room in a nursing home is close to $76,000, with it costing $126,000 here in Massachusetts and in Alaska that same room goes for $271,000.

If you are middle class with some assets to protect like your home and a stock portfolio you may be a good candidate for long-term care insurance. If you are poor or wealthy you probably donít need long-term care insurance. The wealthy can self-insure and the very poor will be eligible for Medicaid.

One more thing: About 4% of our elders are in nursing homes and most of those are women over 85. Women tend to outlive men and often times take care of their husbands and then have no one to care for them.

Uncle Sam is encouraging you to purchase long-term care insurance. Part of the cost of the premium will be treated as a medical expense and will be deductible if you are over age 40. The benefits will be generally excluded from gross income. The government would like to get out of the business of funding long-term care through the Medicaid program.



Should You Run Out And Buy Long Term Care Insurance When You Turn 55?
Chat and meet new friends at Senior Site Chat

Discount Medical Supplies

Senior,Seniors,Senior Citizen,Seniors,Seniors HealthStyle - Mature Healthy Living Lifestyle - SeniorSite.com, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!
SeniorSite.com - For The Young At Heart And HealthStyle Smart

SeniorSite.com - For The Young At Heart And HealthStyle Smart
To submit Editorial Content, Book Reviews, News and Press Releases send to
SeniorSite.com - For The Young At Heart And HealthStyle Smart

 

Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
SeniorSite.com - For The Young At Heart And HealthStyle Smart

 Copyright © 1998 -  2017  SeniorSite.comô, Inc.   All rights reserved.  Copyright Info | Advertisement Info | Contact Info | Terms Of Use | Privacy Policy | Sitemap  | Sitemap Links

   SeniorSiteô, SeniorSite.comô, For The Young At Heartô and HealthStyleô are trademarks and service marks of SeniorSite.comô, Inc.

 

 

 

 

 

 

 seniors links Jewelry Discount Coupons Personalized Jewelry Discounts Dr Jodee Meddy Dubois PA Jodee Meddy Dubois PA Meddy Dubois PA Dubois PA Dubois Diva Jo Diva jodiva Jodee Meddy Dr Jodee Meddy Jodee Graifman Meddy Jodee Graifman