When you’re young, long-term care insurance is not something you’re likely to think about. You might also think that long-term care insurance is something to worry about well into your 60s or 70s. But in reality, an illness or disability can strike at any time and at any age, and long-term care does not come cheap. In fact, Genworth’s 2019 Cost of Care Survey found that the average monthly cost of professional care in the U.S….
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Experts estimate that about one out of every 10,000 people have Huntington’s Disease.
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Dementia patients’ long-term care (LTC) makes up the bulk of cost in treating the disease, and not the actual medical treatment itself, stated a 2013 RAND Corporation report. RAND research estimated dementia costs to reach as high as $511 billion by 2040 and found the bulk of the cost was LTC. The aggressive rise in cost, RAND researchers noted, was due to gaps in current policy that didn’t adequately support treatment measures financially and left too…
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Planning for retirement in the long-term is on the to-do list for most people. However, many Americans neglect to prepare for long-term care (LTC) expenses, which can often turn out to be the most significant expense you’ll face in retirement. Approximately 70% of adults will need long-term care eventually, according to the U.S. Department of Health and Human Services. And those who do need this type of care will require it for an average of…
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“Every 70 seconds someone in America develops Alzheimer’s,” warns the Alzheimer’s Association in a 2017 Facts and Figures report. Just last week, the association, a nonprofit research advocate for Alzheimer’s care and support, released its figures from 2019 and current figures project Alzheimer’s cases to triple to 13.8 American by 2050. Alzheimer’s is incurable. It is a progressive dementia that can last decades, slowly deteriorating a person’s cognitive function, while the body and mind weaken…
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Genworth’s 2019 Cost of Care survey shows the average cost for a home healthcare worker rose 4.55 in 2019. The survey also surmises that a staggering “10,000 Baby Boomers turn 65 everyday until 2030 and 7 out of 10 will require long-term care in their lifetime.” Think about it. That is 70 percent of the senior pool which will need LTC. Unfortunately, the cost of long-term care is rising faster than the rate of inflation,…
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Gender does matter— especially when it comes to insurance. Whose rates are higher? And is it justified?
The process of determining premiums based on gender is known as gender rating, and it has its critics. Here are several examples of how gender impacts your insurance rates.
Women’s life insurance rates are lower because they statistically live longer than men.
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A full 90 percent of middle-income Americans are not ready for the financial hardship posed by a critical illness diagnosis. They don’t have enough savings on hand and don’t have long-term care insurance or critical illness insurance to help defray the cost, according to a recent study by the Washington National Institute for Wellness Solutions. The study, Middle-Income America’s Perspectives on Critical Illness and Financial Security, which surveyed 1,001 Americans ages 30 to 66 with an annual…
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A survey of Americans above age 40 showed that not only do Americans underestimate their potential need for long-term care, but it’s also something they don’t like to think about. According to the poll by the Associated Press-NORC Center for Public Affairs Research, there is widespread concern among this group about the need for long-term care, but this hasn’t translated into actually doing something about it. “It is estimated that 70 percent of Americans who…
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As the cost of obtaining long-term care services in a retirement setting continues to rise dramatically, while the cost of at-home care continues has risen at a much lower rate. According to an annual survey by Genworth Financial, rising prices for both assisted living facilities and nursing home costs are outpacing those of homemaker services and home health aides. “There are many factors that go into rising care costs, from the number of available skilled…
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LOS ANGELES, Calif. — Thousands of residents from Los Angeles
When you’re young, long-term care insurance is not something
