Jul 31, 2011

Boomers worrying about long-term care costs, poll finds

As I write this, we have only 48 hours for Congress to act to avoid U.S. default on its debt. Is this any way to run a country?

Away from Washington, Baby Boomers are having problems running their own economic lives. A just-released Associated Press/Life Goes Strong poll of Americans born between 1946 and 1964 reveals that nearly half worry they will not be able to afford medical care in retirement, including long-term care. Another recent study, conducted by Fidelity, estimates that someone age 65 who retires this year will need $230,000 to cover future medical expenses. That figure does NOT include long-term care expenses, which can quickly bankrupt all but the wealthiest of families. Only 17% of those surveyed had long-term care insurance.

What to do? If you can qualify, and if you can afford the premiums, securing long-term care insurance is always advisable. The premiums are pricey, but a decent policy can protect your assets and as importantly, protect your peace of mind. Several new products have recently been introduced into the market; click here to read about these new options.

Also consider to speaking to your Certified Elder Law Attorney about strategies that can allow you to qualify for Medicaid long-term care benefits before you lose all your assets. One such strategy is the Medicaid Asset Protection Trust. This is an irrevocable Trust that is set up before you are facing an immediate crisis. Read more about it here.

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