Long–term care insurance is different from medical care because it generally helps you to live as you live now instead of improving or correcting medical problems. People often think of long-term care as strictly nursing home care. Long-term care services actually may include help with activities of daily living, home care, respite care, hospice care, or adult day care. This care may be given in your own home, a daycare facility, assisted living facility, a nursing home, or a hospice facility.
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For many seniors, long-term care (LTC) insurance—an insurance policy that helps pay for chronic medical care—can be a worthwhile choice. After all, nearly 70% of seniors aged 65 or older will require some form of long-term care in their lifetime—a service that can be prohibitively expensive, setting families back thousands of dollars a month.
But is long-term care insurance worth it? This policy tends to come at a steep price: in the U.S., for example, the average 55-year-old man pays an annual premium of $2,220. And thanks to insurance marketing tactics, potential buyers often believe that they’ll spend years in a nursing facility—which isn’t always the case.
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Realizing that a parent or loved one needs long-term care can be a tough pill to swallow. It can be hard to watch as a once healthy and active person can no longer manage simple tasks on his or her own. It can be even tougher to have the long-term care conversation with your loved one. After all, who wants to be told that she is no longer capable of caring for herself?
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The decision to move yourself or a loved one into long-term care can be a difficult one, and determining how to pay for long-term care can add unnecessary stress to a phase of life that’s already full of transitions. Understanding the costs you may encounter and developing a proactive plan to afford long-term care can help ease the burdens that accompany it.
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You know that you can expect to be at an increased risk of health issues as you age. However, what you might not realize is that aging puts you at a greater risk of another issue: financial exploitation.
In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate of the problem because, according to the report, “many older adults are unaware or unwilling to report exploitation.”
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Medicare is a government program created to provide healthcare coverage for people who are 65 or older, certain younger people with disabilities, and those on Social Security. It covers hospital stays, doctor visits, lab tests, eye exams, and more.
Medicare has many options for beneficiaries, including traditional Medicare (Parts A & B), which is full-service coverage but only includes items that are medically necessary or preventive in nature; a Prescription Drug Plan (Part D), which provides prescription drug coverage; and an Advantage plan or Part C that combines both Parts A &B plus supplemental medical insurance.
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What's your most important financial asset? What's the best way to grow your money tax-free? NAIFA President Larry Holzberg answers these questions and more with Neil Himmelstein on the podcast "The Main Street Code for Financial Success".
Holzberg and Himmelstein discuss the importance of working with a financial advisor and having the right kind of insurance to protect your assets and your family. “[Life Insurance] allows people to maintain their lifestyle, reach their goals, and do the most important thing—love their family,” says Holzberg.
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If you developed a disability or chronic condition that required long-term care, how would you pay for that care? Would you expect health insurance or Medicare to pay for it?
Unfortunately, you can’t count on either of those options to pay for ongoing care that you might need. Medicaid might cover the cost of long-term care services if you have very limited income or assets. Otherwise, if you need professional care at home, in an assisted living facility, or in a nursing home, you’ll have to pay for it.
Topics: Long-Term Care Planning in Advance
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Most Americans will need long-term care. Unfortunately, it’s extremely expensive and can deplete your finances quickly if you aren’t prepared to pay for it.
Many people get long-term care insurance (LTCI) to cover the costs. You may have also heard about term life insurance (TLI). What’s the difference?
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Long-term care in America is expensive, and if you’re not prepared to pay for it, you could find your hard-earned lifelong savings disappearing quickly.
Understanding long-term care costs and financial planning for eldercare is crucial for preserving wealth while you seek assistance for the activities of daily living you can longer do by yourself due to chronic illness, disability, injury or old age.