Is Long-Term Care Insurance Necessary?

June 14, 2012 12:00 AM
Is Long-Term Care Insurance Necessary?
" BOSTON (CBS) – Long-term care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Most long-term care is to assist people with support services for activities of daily living such as dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living facilities, or in nursing homes.

According to Genworth Financial’s 2012 Long Term Care Survey, the national average annual cost of a semi-private room in a nursing home is $73,000, with it costing over $117,000 here in Massachusetts and in Alaska; the same room goes for $274,000.

You may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. They are predicting by the year 2020, twelve million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70% of the elderly. There are 1.7 million nursing home beds and only 1.5 million are currently occupied.

A study done by the U.S "

Click here to read the whole article

Google related News

Thursday, June 14, 2012 by GovExec.com

Long-Term Thinking

First, my husband just received his annual update on his Federal Long-Term Care Insurance Program. It shows the new daily benefit amount, factoring in the 4 ...

Read more
Wednesday, June 13, 2012 by CBC.ca

Long term care facility to close this fall

A long-term care facility set up in Thunder Bay as a stop-gap to deal with the shortage of nursing home beds will shut down this year.

Read more
Thursday, June 14, 2012 by The Chronicle Journal

Thunder Bay long-term care home closing

About 50 residents of Thunder Bay Interim (TBI) Long Term Care at 445 James St. will be moved under a joint transitional plan developed by the North West ...

Read more
Thursday, June 14, 2012 by MarketWatch (press release)

Extendicare President and CEO Addresses Hughes and Coleman ...

Make no mistake - working in long term care is a tough occupation and we are not perfect. However, we remain focused on our mission of helping people live ...

Read more