Posts Tagged ‘ long term care insurance ’

CREATIVE LONG-TERM CARE PLANNING

May 12th, 2012 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

We talked about the effect long term care has on financial planning last week on SeniorCitizenJournal.com.  Baby Boomers who have not yet retired, and younger generations as well, need to be seriously planning for their senior years’ long term care needs. We are living longer, and the need for long term care of one kind [...]



BOOMERS BEWARE: HEALTH ISSUES, LONG TERM CARE, ASSISTED LIVING

Apr 27th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Looming out there ahead of Baby Boomers are several very big issues that will come to occupy your time, attention, resources and patience. If your DNA is similar to many these days, your parents, at least one of them, will live into their 90′s and perhaps beyond. Read the obits and you will find more and more persons whose age is clocked in the 90′s when they die. And, often, it is the upper 90′s.

This is not to decry the joy of having your parents live a long life. It is to say that with their doing so come demands you may not have expected. Those demands come in the shape of caretaking, costs, and intentional decisions that will enable them and you to be prepared and buttressed with backup plans.



HOW EXPENSIVE CAN ELDER CARE GET?

Feb 15th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Projecting ahead into the next year, it begins to appear that the costs of elder care, i.e. assisted living, nursing care and other such forms of suitable accommodation for the elderly who require attention will continue to escalate. Depending on the nature of the care, geographic location, the condition of the resident (client, patient, etc.) these costs seem to continue to climb, until it is possible to imagine that over a ten year period, one can be talking in terms of somewhere between $400k and $500k in costs for care. That begins to feel prohibitive and downright scary.

Those who are wise enough to have applied for and qualified to receive long term care insurance are surely on the right track. And, they are even wiser if they chose the inflation rider as a part of the policy.

We relish the thought of our elderly loved ones



LONG TERM CARE INSURANCE DECISIONS FOR SENIORS

Jan 27th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Best estimates currently are that 60% of senior citizens over 60 will need long term care in their lifetime. Those seniors at risk for early onset Alzheimers and Parkinsons will likely need care before the age of 60. Seniors everywhere need to look seriously at purchasing long term care insurance.

SCJ’s advice is that before one more day passes, set up an appointment to apply for Long Term Care Insurance coverage. The sooner you explore this option, the more likely you are to be very pleased with your intelligence and foresight. Waiting or putting off the decision will simply cost you more in the future. Or, it will create less likelihood of your being accepted.

The process is simple. Go to your primary care physician and have a conversation with him/her about the advantages of long term