Archive for September, 2008

Boomer Warning About Long Term Care Costs

Boomers Need to Protect Finances from Long-Term Care Costs

While scanning the internet today I came across another plea for Boomer’s to check out LTC insurance to protect their life savings.

With the average life expectancy reaching age 90, according to Center for Disease Control (CDC), baby boomers should expect to live another 25 to 30 years. Researcher Peter Kemper, Ph. D. in the Department of Health Policy at The Pennsylvania State University, reports that 69 percent of seniors will require long-term care in their later days. “To maintain their current lifestyle, it is important to secure future financial stability through long-term care insurance,” says Merritt.

Merritt suggests individuals that would particularly benefit from long-term care insurance are:

  • Those who have a family history of needing long-term care.
  • Those who will have a retirement income that would not easily cover the cost
  • of in-home nursing care or care at a facility of choice.

Those who wish to leave a financial legacy for family and/or charity. “In-home nursing care averages $128 per day and nursing home care averages $3,110 per month,” says Merritt. “Medicare and Medicaid do cover some expenses, but often do not cover all of the medical and other personal care services needed.”


The cost of caring for our aging population and the personal experience of Boomer’s and their parents should sound the alarm bell when it comes to long term care.

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September 10, 2008 · Filed under Long Term Care Insurance

Senator Barack Obama’s Thoughts On Long Term Care

US Senator Barack Obama campaigning in New Ham...

On September 6th 2008 Barack Obama gave a speech to the AARP Convention.  I learned something new that I didn’t see reported by the main stream press so what you to know about it.  Not only did Obama address the need for long term care reform but he discussed tax breaks that would affect 7 million seniors.

Obama said…

I’ll make retirement more secure by eliminating income taxes for retirees making less than $50,000 per year. This would completely eliminate income taxes for 7 million seniors. And I will cut taxes - cut taxes - for 95% of all working families in this country. Now is the time to give the middle-class a break.

While this site is not a political journal it makes me feel good that there is someone talking about long term care, the tax burden that our seniors face and wanting to so something about it.  Also, in all fairness I did a search on John McCain and long term care and this is what I discovered.

MCCAIN VOTED AGAINST HELP FOR COSTS OF LONG TERM/ HOME CARE:
McCain Voted Against A $3,000 Tax Credit To Help Seniors Or Their Families Pay For Long-Term Care. In 2000, McCain voted against an amendment that would increase the general estate tax exemption and provide seniors with long term care needs or their caregivers a $3000 tax credit phased beginning in 2001. The credit would be $1000 the first year and increase in $500 increments each year. Taxpayers with long term care needs, or with spouses or dependents with long term care need would be eligible for the tax credit. The amendment failed 46-51. [HR 8, Vote #193, 7/14/00]
McCain Opposed a Measure to Create a New Program for Home and Community-Based Long-Term Care. McCain voted against an amendment that would have created a new program to provide States with funds for home and community-based long-term care services for people with disabilities. [Vote #533, Motion Rejected 45-54, 104th Congress, 1st Session, 10/27/95]
Of course, now that the election is in full swing I guess anyone will say anything.  I just hope that in the end there will be legislation that addressess the needs of Americans in need.
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September 7, 2008 · Filed under Politics and Long Term Care