Chris does it again in a long interview on the Mary Jane Poppoff Show. Mary and Chris talk about how Life Insurance can benefit you before you die. Chris recently went on the Mary Jane Poppoff Show and had an interview filled with information about Life Care Funding. Mary Popp asked some great questions which covered everything from state legislation to funeral coverage. A topic in the interview was about funeral benefits. With a Long Term Care Benefit plan, money is set aside for future…
Economic Crisis, interview, Long Term Care Cost, radio, Senior Life InsuranceBy HARRIS MEYER When her 86-year-old mother, a retired nurse with Alzheimer’s disease, started wandering away from her Tallahassee, Fla., home in 2007, LuMarie Polivka-West knew it was time to move her and her 94-year-old father into an assisted-living facility. But because of the collapse in the real estate market, she couldn’t quickly sell her parents’ house to pay for a $3,200-per-month assisted-living apartment. So, for another year, while waiting for the house to sell, Polivka-West and her two brothers each contributed $600 a month…
Economic Crisis
A survey conducted by AgingCare.com found that although adult children are often responsible for paying for their elderly parent’s care, the large majority of caregivers are vastly unprepared. The survey found: 63% of caregivers have no plan as to how they will pay for their parent’s care over the next five years. 62% say the cost of caring for a parent has impacted their ability to plan for their own financial future. “With an estimated 34 million Americans providing care for older family members, the…
Cost of Care, Economic Crisis, Senior IssuesThat recent headline by MSN Money.com sure is an attention grabber. But the cold hard facts of this economic crisis and its impact on seniors should be grabbing everyone’s attention. The equity in the vast majority of people’s homes is their single greatest source of net worth. The unprecedented slide in the real estate market is a huge hit for just about everyone. Recent statistics show that in less than a year the total amount of home equity in American’s homes that has vanished rose…
Cost of Care, Economic CrisisSurveys have found that the economic crisis is discouraging or outright scaring people away from saving for their future needs. Many are looking at the daily headlines and are afraid to put money away and watch it shrink or disappear. Others can not afford to save as they try to keep up with the costs of daily living. Compounding the decline in our nation’s already anemic 1% saving rate is the rise in unemployment and the loss of investment income and home equity. This trend…
Economic Crisis, Senior LivingAs states all across this country prepare budgets for 2009, one thing is clear: revenues are down, but the need to spend is never down. Every state is facing a fiscal crisis unlike anything in the past. California, Nevada, New York, Rhode Island, South Carolina and Utah are all looking at freezing or even reducing the numbers of people on Medicaid in their states. Some states will start making it even more difficult to qualify and then remain Medicaid eligible. Requirements to reapply twice a…
Economic Crisis, Senior Budget CutsA report released on December 15th shows that $2 trillion in the value of American homes evaporated in 2008. A report released by the National Association of Home Builders in June of this year showed $500 billion lost in home values at that time. But now, 11.7 million home owners are carrying mortgages considered “underwater” because they owe more on their homes than they are worth. The combination of negative equity and a continuing surge of foreclosures flooding the market have caused the loss of…
Economic Crisis, Senior IssuesUnited Press International reports today that the ability of seniors to afford the costs of senior housing and long term care are being hit very hard by turmoil on Wall Street Massive Wall Street losses since its highs less than two years ago have cut many retirement accounts in half, reports University of Illinois Law Professor Richard L. Kaplan. The average costs of staying in an assisted living or skilled nursing property can be quite high; and with the losses on Wall Street combined with…
Economic Crisis, Senior LivingThat’s today’s headline on CNN.com, just days after the New York Times wrote an in depth feature about the housing slump and its impact on seniors trying to raise money for a move into assisted living. The S&P Case Schiller Home Price Index recorded a record drop in home prices in the third quarter of this year (during the summer months before the economic crisis really kicked in). Home prices have shrunk back to 2004 levels wiping out home equity gains from almost the last…
Economic CrisisThe New York Times correctly identified a critical problem that will only grow for both seniors and the Assisted Living industry: the virtual collapse of the U.S. housing market. The drop in home values and the difficulty sellers are having finding buyers is severely hampering the ability of seniors and their families trying to raise enough money to be able to move into assisted living homes. In June, 2008 the National Association of Home Builders released a report showing almost $500 billion in home equity…
Assisted Living, Economic Crisis