A great misconception of aging in America is the belief that Medicare will pay for your health care needs in old age. It won’t. It will pay for some of those medical costs. But a typical senior can expect to foot the bill for a substantial portion of their health care, even if they are enrolled in Medicare. Half of [...]
The Trump Administration believes that caring for babies is so important that employers should give their parents up to six weeks of paid leave. It apparently doesn’t believe it is as important, or as disruptive to work life, to care for aging parents or other relatives in need of personal assistance. That, at least, is the message it is sending [...]
A new study by the highly respected Center for Retirement Research at Boston College concludes that premiums for coverage under the CLASS Act--the new voluntary national long-term care insurance program included in the 2010 health reform law--are likely to be unaffordable for many middle class families. The analysis, by center director Alicia Munnell and co-author Josh Hurwitz, projects an average monthly [...]
A typical couple would have to save nearly $200,000 to pay for their out-of-pocket medical costs from the time they are 65 until they die, according to an important new study by the Center for Retirement Research at Boston College. Add in nursing home costs, and they are likely to need $260,000. But that's only part of the story. About 5 percent of 65-year-old couples will [...]