Long Term Care - It"s Never Too Early to Plan For Your Golden Years
I may not be a baby-boomer, but I can definitely feel the wave of that generation casting its shadow on my future.
With a topsy-turvy healthcare system in America and quite a mess for President-elect Barack Obama to clean up, the security of care in our golden years is called into question.
If you happen to be a baby-boomer, you know what I'm talking about.
Now is the right time to consider your options.
Long term care is for people with chronic illnesses or disabilities.
Services include assisted living, home aides and daily living services.
Too few people have invested in long-term care insurance, but more than a few will need it.
According to projections by the U.
S.
Census Bureau, more than 20 percent of the U.
S.
population will be made up of citizens age 65 or older by the year 2050.
Furthermore, up to 70 percent of senior citizens will require long term care services at some point in their lives, according to the U.
S Department of Health and Human Services.
That's more than 60 million people.
A new survey released by Genworth Financial during the 2008 election found about 84 percent of baby boomer voters, those between the ages of 45 and 64, were concerned about the candidates' stances on health care.
Buck Stinson, president of Genworth's long term care insurance business, said in a press release: "Given the uncertain nature of the current economic climate, future financial security is of paramount importance to this generation.
The rising cost of long term care and the shortage of caregivers in this country have made finding quality, affordable long term care a challenge for countless American families.
" Of course, many will inevitably think, "That probably won't be me.
" Today, every day is measured by the number of text messages sent per minute, but it's hard to remember that there is no pause button on life.
It's very easy to live in the now and forget to plan for the future, but the future is fast approaching.
And with it are some harsh realities.
Though no one knows what the future holds, everyone can agree that it's best to be prepared.
However, consumers don't always realize that while health insurance may pay for doctors and hospital bills, it doesn't pay for long term services that they may need in the future.
And paying out-of-pocket can be devastating-even a modest need for care can cost about $18,000 annually, according to the U.
S.
Department of Health and Human Services.
The bottom line is that consumers should invest in long term insurance care now, because once such services are needed, it's usually too late to buy it.
Every year a person waits, the premium increases.
Long term insurance care is a reality of life for many.
Being prepared for it can improve the quality of one's life significantly.
No one wants to be a burden to their kids or other family members.
Losing your independence and ability to operate can be humiliating and defeating.
Imagine needing one of your children to help feed you.
Or depending on them to give you your medicine; take you to the bathroom; give you a bath; clean you up; dress you.
Instead of your children struggling to take care of you should you need it, allow professional caregivers to give you proper attention.
With a topsy-turvy healthcare system in America and quite a mess for President-elect Barack Obama to clean up, the security of care in our golden years is called into question.
If you happen to be a baby-boomer, you know what I'm talking about.
Now is the right time to consider your options.
Long term care is for people with chronic illnesses or disabilities.
Services include assisted living, home aides and daily living services.
Too few people have invested in long-term care insurance, but more than a few will need it.
According to projections by the U.
S.
Census Bureau, more than 20 percent of the U.
S.
population will be made up of citizens age 65 or older by the year 2050.
Furthermore, up to 70 percent of senior citizens will require long term care services at some point in their lives, according to the U.
S Department of Health and Human Services.
That's more than 60 million people.
A new survey released by Genworth Financial during the 2008 election found about 84 percent of baby boomer voters, those between the ages of 45 and 64, were concerned about the candidates' stances on health care.
Buck Stinson, president of Genworth's long term care insurance business, said in a press release: "Given the uncertain nature of the current economic climate, future financial security is of paramount importance to this generation.
The rising cost of long term care and the shortage of caregivers in this country have made finding quality, affordable long term care a challenge for countless American families.
" Of course, many will inevitably think, "That probably won't be me.
" Today, every day is measured by the number of text messages sent per minute, but it's hard to remember that there is no pause button on life.
It's very easy to live in the now and forget to plan for the future, but the future is fast approaching.
And with it are some harsh realities.
Though no one knows what the future holds, everyone can agree that it's best to be prepared.
However, consumers don't always realize that while health insurance may pay for doctors and hospital bills, it doesn't pay for long term services that they may need in the future.
And paying out-of-pocket can be devastating-even a modest need for care can cost about $18,000 annually, according to the U.
S.
Department of Health and Human Services.
The bottom line is that consumers should invest in long term insurance care now, because once such services are needed, it's usually too late to buy it.
Every year a person waits, the premium increases.
Long term insurance care is a reality of life for many.
Being prepared for it can improve the quality of one's life significantly.
No one wants to be a burden to their kids or other family members.
Losing your independence and ability to operate can be humiliating and defeating.
Imagine needing one of your children to help feed you.
Or depending on them to give you your medicine; take you to the bathroom; give you a bath; clean you up; dress you.
Instead of your children struggling to take care of you should you need it, allow professional caregivers to give you proper attention.
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