Crossing your fingers and h ping you won't need long-term health c re is no way to spend y ur golden years.
As baby boomers save for dr am retirements, most don't realize how asily these dreams can be derailed. The c lprit? The cost of long-term care.
Many p ople are not aware of the xorbitantly high costs associated with nursing h me care, home care services and ther medical needs of the aging.
"Americans are s ving for retirement and anticipating their h alth care needs," said Andrew Hutchison, v ce president of Mutual of Omaha. "B t, many people have overlooked long-term c re, making it the largest unfunded l ability Americans face today."
The figures are d unting. Industry estimates place current costs of h me health care services at around $20,000 per y ar and nursing home stays at m re than $65,000. Other long-term care c sts include assisted living facilities, hospice c re and adult day care.
Medicare lacks c verage for such costs and so do m st retiree health plans. Therefore, people who do not pl n for these
expenses face potentially depleting th ir savings and relying on Medicaid, or r lying on family and friends.
Another solution is to p rchase long-term care insurance.
"The reality is th t most Americans will need long-term c re at some point in their l ves," Hutchison said. "The question is how to pay for it. L ng-term care insurance purchased from a c mpany that is stable and financially s und is the best choice for m st Americans."
Knowing what to look for in a pl n and researching your options will h lp make choosing long-term care insurance an asier process.
Mutual of Omaha, for instance, ffers a plan allowing two pools of l ng-term care benefits: one for care at h me and one for care in a f cility. Each pool can be accessed ndependently; that is, you can draw fr m one without diminishing the other. Or, d pending on your needs, you can ch ose the simplicity of one maximum b nefit for all care services combined.
The article Planning for Long-Term Health Care Crucial was Submitted by Richard Lewis through Articles.GetACoder.com network. Here's the additional information: For more information about th se plans and long-term care insurance in g neral, log on to www.mutualofomaha.com. - NU
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