Long Term Care Insurance Worries Baby Boomers

Change is happening in the long-term care insurance industry and it's not all bad, but different.

Millions of baby boomers are afraid that they will not be able to afford long-term care insurance and at the same kind afraid that they can't afford not to have this type of coverage.

A rapidly aging population, lengthening longevity and unpredictable health care costs are some of the factors that highlights the need for long-term care insurance.

Insurance companies are looking to raise their rates and some are leaving the long-term care industry (Met Life). Met Life will continue to provide coverage for its existing policyholders.

The insurance companies are struggling with record low interest rates, which have dragged down investment returns. In addition, the insurance companies are seeing an increased utilization of the the policies.

The need for this type of coverage is there, the insurance carriers are going through "growing pains" where they are offering a product that will be utilized by over 50% of the people purchasing this type of coverage.

There are ways to to keep premiums affordable. It is important to consult with an insurance broker or agent that specializes in long-term care insurance. He can help you design a policy that will fit your income and needs.

There is No Place like Home for Long-Term Care

There's No Place Like Home

Home is where the heart is, so it's no surprise people want to stay in their homes for as long as possible, especially when they are older.

Here are some tips to help you or a loved one stay in your home longer:

November is Long-Term Care Awareness Month
This is a great time to learn about your options if you get sick or injured and how you can help protect your family and finances.

Stay Healthy:
Leading a healthy lifestyle helps lower your chance of injury or illness and helps you recover faster. So, eat well and exercise to keep bones and muscles healthy. Also, see your doctor for regular checkups and preventive care.

Modify Your Home:
Making a few adjustments to your home can make it easier and safer to move around. These can help lower your chance of needing care or be useful if you need a little extra help getting around.

• Build ramps or chair lifts to help you get up and down stairs.
• Add grab bars or non-slip surfaces to make rooms less accident-prone.
• Reorganize furniture and update flooring (like tile, rugs or linoleum) to ensure you have enough room to maneuver and avoid tripping.

Plan for Emergencies:

• You may need to notify emergency personnel if you need help. Get a personal alert system and have a telephone in every room. Also, keep a list of medications and health problems on your refrigerator so people coming into your home can find the information easily.

Get Help:

• Your family will probably pitch in to help, but they may not be able to do everything. Consider having a caregiver heap with your everyday activities or ask your neighbor to run a few errands for you. Also, have someone check in on you regularly and hire housecleaners or order meals on wheels.

Other Things to Keep in Mind:

• Before you get sick or injured, consider your options to help cover the costs of your care. Also, if staying at home isn't an option, do research to see what types of service are available in your area, such as an assisted living facility or a nursing home.

Simplify Your Long-Term Care Financing and Planning with a Long-Term Care Specialist!