Not quite long ago, a new research by the American association of Life Insurers (ACLI) has revealed that baby boomers require to pay attention to the very genuine option they may possibly require long-term care. The logic being the increasing long-term care costs, Long-Term Care Insurance or Medicaid. Who will reimburse for Baby Boomers Long-Term Care? Sounds the alarm on a impending national long-term care crisis. More crucial, it is a call to action for persons to include long-term care in their retirement planning.
The research shows that a one-year stay in a nursing home averages almost $75,000 for a exclusive room or more than $62,000 for a semi-private room. By the year 2030, the same stay in a semi-private room will cost an estimated $195,000, more than tripling over the next 25 years. Majority of Americans cannot save a sufficient amount to cover these astronomical costs on their own. Americans are living longer than ever before. That is a pleasant news, but it has several risks. One of those risks is that many upcoming retirees will be facing enormous long-term care costs. Continue reading ‘The Baby Boomer and Long Term Care Insurance’ »