It is no secret that long-term care is among the greatest financial risks we will face as we age. But if you are a woman, your chances of needing significant levels of personal care after age 65 are especially high. So are the dangers of not planning for costs that will average more than $180,000 for a woman turning 65 [...]
A typical American turning 65 this year is in line to receive about $500,000 in lifetime Social Security and Medicare benefits. That's more than $1 million for older couples. But many still won’t have enough money to pay for out-of-pocket medical care and long-term supports and services. While the wealthiest seniors will have the resources to pay these hefty out-of-pocket costs, most older adults won’t [...]
Many home health aides and other direct care workers are going to get raises. An important court decision on Friday, an aggressive lobbying campaign by unions, more generous state minimum wage laws, and—perhaps most important of all—growing demand for paid home care by consumers—will inevitably drive up wages for these aides. The question is: How will older adults, younger people [...]
What are the odds you’ll need assistance to help with personal activities such as bathing or dressing before you die? For those about to turn 65, it’s about 50/50, according to an important new study. On average, you can expect to need this high level of care for about two years. But one-in-five Americans will need such assistance for less [...]
Why is there no catastrophic long-term care insurance? It could benefit millions of middle-income people who are able to pay for a few years of services and supports on their own but need to protect themselves against the risk of a very long period of need that would impoverish all but a handful of us. Even though catastrophic coverage is a [...]
Nearly two months ago, Congress created a commission to recommend reforms to the current long-term care system. So what has happened since? Not much. Leaders of Congress have appointed members to serve on the panel but President Obama—who has three of 15 picks-- has not yet made his choices. The commission can’t select a chairman, find a staff, or set an agenda [...]
Everybody wants to do a better job coordinating care for the frail elderly and younger adults with disabilities who have extensive medical and personal care needs. But just how to do it is becoming increasingly controversial—especially on Capitol Hill. The current flashpoint is an aggressive new Obama Administration initiative aimed at improving care and cutting costs for those who are [...]