Who Are The Caregivers?
Let me start with a study done last year which said: By 2020 (now only 4 years away) there will be more people in the US working as caregivers than working in retail. This will be true not only because everyone shops on Amazon now, but because we did not have enough children to take care of […]
Do Wealthy People Need LTC Insurance?
Some financial planners might say that if you have enough savings, why insure? While that might seem like a fair question, let’s put something in perspective: There is a 1 in 1800 chance of a claim on your homeowners insurance in any given year. HHS says once you’ve reached 65 there is a 70% chance […]
Long Term Care In The News
Yesterday’s Wall Street Journal had some interesting statistics on labor growth predicted for the next decade. The article stated that 95% of new jobs would be in the service sector. Previous articles have noted that the fastest growing service profession is caregiving. Earlier this year the New York Times estimated that by 2020 (four years […]
How To Care For Two Parents at Once Without Going Broke
“The biggest challenge of all is holding onto your patience.” Reprinted from Money Magazine For years, Madeleine Smithberg has been at the forefront of American comedy as co-creator of “The Daily Show” and a talent coordinator for “Late Show with David Letterman.” That sense of humor was especially handy during the last few years. That […]
Private Industry Has Solutions For Funding Care At Home That ADRC’s Do Not
I attended a dementia hearing recently. Eight Wisconsin legislators were listening to ideas and problems in dealing with dementia in Wisconsin. Many of those testifying spoke of how people will not accept home care because they think they cannot afford it. People rely on family for help and care because they cannot afford home care. The most common […]
Affluent Boomers Consider Long-Term Care Top Risk to Well-Being in Retirement
Yet only 3 in 10 have made a plan to address this issue. Why would people worry about a problem many of them will face (70% per HHS), but take no action to mitigate it? I’ve concluded the reason is that they think the insurance to pay for LTC is too expensive. Many insurance agents […]
Now China Has The Problem Too
China has a problem of too many elders and not enough babies being born. I don’t suppose the elders will be producing many babies by themselves, but they will need younger people to provide their care. Problem is, there aren’t enough of them to fill those jobs. So, they relaxed the one child per family […]
Why Aren’t Agents, Financial Planners, Or Other Advisers Talking About Long-Term Care?
We trust them to look out for things that can bite us – hard. We trust them to advise us on having enough money and cash flow to retire on. So why do we get blindsided by a $10,000 a month nursing home bill or a $4500 a month assisted living facility bill when chronic […]
We Simply Cannot Believe We Are Getting Older – A Conversation Overheard
A few days ago, I overheard a woman who looked as if she were in her 50s talking on the subway to another woman who looked to be in her 50s. One told the other, “My mother is coming to New York. But she’ll have a hard time getting around. She can’t climb up stairs, or […]
Got $730K Saved For Nursing Care? Dementia Could Cost That Much (USA TODAY)
People with dementia — especially those with Alzheimer’s disease — often live for years after reaching the point where they need 24-hour care, leaving families in an emotional, financial and logistical quagmire. Randy and Mary Kaump of Hamden, Conn., know this all too well. Randy’s mother, Janis, just passed her 97th birthday in her $13,000-a-month nursing home […]
