Baby Boomers May be Shocked to Know That Retirement Plans Could be at Risk
Baby Boomers need to hear what Nancy Dreyer learned that helped her make sure that her retirement income was safe.
Atlanta, GA (PRWEB) November 14, 2006
Nancy Dreyer, of Marietta, Georgia learned about the impact of Long Term Care when her father got sick and needed help. The learning curve was steep because of the jargon and the complexity, but the research needed to be done. During the course of the research she learned some unsettling information that she feels everyone in their 50's and 60's need to be aware of.
As Baby Boomers age they are anxious to retire and many are actively planning for it. Many would be shocked to know that an unplanned health issue can ruin all their plans. One in three men will need Long Term Health Care and one in two women will as well. The costs of care are rising each year and can quickly deplete retirement funds. While most seniors would prefer to stay at home, the cost of home care may be prohibitive.
Nursing care costs in the US are rising annually. Home health care is $18 per hour. Most agencies require a minimum of three hours of care to send someone to your home. A semi private room in a nursing home is $176 per day equating to $64,240 per year. Assisted living facilities are averaging $110 per day. The need to use any of these services can quickly deplete a retirement nest egg, required the spouse to go back to work or to look at selling other assets.
Many think the government is going to help out through Medicare or Medicaid. Medicare provides a very short term program. Medicaid is for low income people and requires people to spend down all their assets before being eligible. Another alternative is to look into private Long Term Care Insurance. Long Term Care insurance can pay a daily amount to cover home health care, assisted living facilities or a nursing home. It needs to be structured properly so it is advised to use a financial services professional to help navigate the choices.
Ms. Dreyer hopes to save others the time that she spent doing research by offering an article summarizing what she learned.
To receive an article about the 10 Key things to look for in a Long Term Care policy send an email to babyboomer65 @ yahoo. com.
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