Strapped for cash in a down economy, many seniors are halting premium payments and abandoning their life insurance policies — right when they’re likely to need them most. But life insurance — including Universal Life — can be converted to cover long-term care expenses or provide other benefits, and producers are obligated — sometimes by law — to let clients know their options. 10,000 Baby Boomers added their names to the Social Security and Medicare rolls on Jan. 1 of this year — and this…
Posts tagged "Long Term Care Cost"
MetLife Ending Long-Term-Care Insurance As Costs Rise
MetLife said Thursday that it will no longer offer long-term-care insurance, the coverage that people buy to pay for nursing-home stays or assisted living in the latter part of life. The company will still honor the obligations it has to existing customers, but it will not take new customers after Dec. 30. People have typically paid for long stays in a nursing home or assisted-living facility by taking out a reverse mortgage or by buying long-term-care insurance. The insurers have had more customers cashing in…
Health Care Industry, Long Term Care CostGenworth Assesses Caregiving Impact
Many Americans underestimate how much family members’ long term care needs could affect their own finances — and marriages. Genworth Financial Inc., Richmond, Va. (NYSE:GNW), has published that finding in a summary of results from a recent online survey of 2,151 U.S. adults ages 18 and over. About 66 million Americans—or 20% of U.S. residents—are serving as unpaid family caregivers, Genworth notes. Genworth found that 40% of caregivers had expected to contribute financially to family member in need of care, and that 83% had ended…
Long Term Care CostMedicare and Medicaid Cuts, and Paying for Your Own Long Term Care
66% of residents in an assisted living facility in 2009 reported being the primary source of payment for the costs of housing and care. The impact of the economic recession has hit seniors and their families hard with an almost 60% drop in the number of families able to contribute to a loved ones care. The trend of more seniors being solely responsible for the costs of housing and care will only be made worse as the combination of a slow economic recovery and additional…
Long Term Care Cost, Senior Budget CutsRecent Reports of Concern for Seniors
In the last month two reports came out that should be of concern to seniors and their families. Just this past week the Federal Reserve released their economic projections through 2009 anticipating Gross Domestic Product (GDP) for the U.S. may contract by as much as a full percentage point. We are watching what the Secretary of the Treasury recently described as a “once in a Century” tumult in the U.S. economy. The impact on unemployment could be alarming with the unemployment rate of 4.5% last…
Long Term Care Cost, Senior Issues