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Is It Time To Have “The Talk” With Mom & Dad About Their Finances?

Jul 16, 2013

We are always our parents’ children.  That’s especially the case when it comes time to talk to them about their finances and planning. When an older generation starts needing help, the role reversal can be difficult for all to stomach. But it’s crucial to get over the awkward feelings, and have the important conversations ahead…

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Longer, Not Healthier, Lives

Jul 11, 2013

JAMA, the Journal of the American Medical Association as reported in the Wall Street Journal today, said that we are living more years with chronic conditions over the past 20 years.  We are living longer, but with more years at the end suffering from chronic conditions such as diabetes, kidney disease and Alxheimer’s. In the U.S.…

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When Should I Buy LTC Insurance?

Jul 10, 2013

A recent article on Fox News, featuring a financial expert who shall remain nameless, stated that since there is only a 1% chance of needing Long Term Care until after 60, don’t spend a dime on it until then.  Perhaps he is not aware of the statistic that 40% of Americans currently receiving LTC services…

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My Premium Is Being Raised, Why and What Can I Do?

Jul 3, 2013

A recent Wall Street Journal article details some of the price increases that have occurred on people’s Long Term Care insurance (LTCi) policies.  Price increases happen on many things over the years, but let me explain what is happening in this industry. My LTCi policy has been in force for 12 years now.  I have paid…

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I Have enough Saved For Long Term Care, I Think……

Jun 26, 2013

Many boomers greatly underestimate the costs of LTC services, but that is not the dangerous part.  It seems many do not take inflation seriously, compounding the problem greatly. I remember $0.29 regular gasoline and $0.32 premium (per gallon).  You could buy a new 1977 Ford Maverick for $1995.00.  Remember when coffee only cost a quarter a…

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Your Life Insurance Can Help Pay For Your LTC

Jun 17, 2013

Lawmakers from several states are encouraging elderly people to use their life insurance to help pay for their Long Term Care through viatical settlements. Currently, life insurance in an amount over $1500 of death benefit had to be cashed in prior to qualifying for Medicaid.  The money received from cash value could be used like…

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Nursing Home Profit Margins Half That of Three Years Ago

Jun 7, 2013

Skilled Nursing Facilities are not doing well financially.  One third of U.S. nursing homes have no profit or are losing money per the June 7th issue of McNights LTC News.  The problem is two fold.  Nursing homes lose money on the Medicaid remibursement rate.  Many nursing homes have a significant percentage of their residents on Medicaid.  It…

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Estimating The Current Cost of Future LTC

Jun 3, 2013

With the costs of LTC services increasing at 5% to 6% annually over the past 20 years, it would be likely to expect that trend to continue.  However, with the shortage of workers for LTC facilities, it is also likely that wages, and thus prices will rise even faster.  How would I calculate how much…

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Price of Stroke to Double In Next Two Decades

May 28, 2013

The rising prevalence of stroke in an aging population is likely to more than double the cost of stroke care over the next two decades, the American Heart Association and American Stroke Association warned. Annual stroke-related medical costs are projected to jump from $71.6 billion in 2012 to $183.1 billion in 2030, according to a…

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The Long Term Care Guy