Planning for Long-Term Health Care Crucial

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Planning for Long-Term Health Care Crucial
By: Richard Lewis , Posted On: 2007-11-04

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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 thse plans and long-term care insurance in gneral, log on to www.mutualofomaha.com. - NU

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