Recent numbers show just how severe the financial toll of caregiving really is on Americans. A study conducted by MetLife focuses on adult children who both work and provide care to their elderly parents and how the role of caregiver affects their earnings over time.
According to a press release published by Genworth Financial, the company has begun filing for in force rate increases on some of their past long term care insurance products.
After the CLASS Act was cut from the Affordable Care Act due to the lack of financial sustainability, the Commission on Long Term Care was created to address the long term care issues facing our country today. Among policy recommendations in the Commission’s final report is the suggestion that the Medicare 3-day hospitalization requirement for long term care be eliminated.
A new report focused on dementia and long term care shows the number of people with Alzheimer’s is set to nearly triple by 2050 and the caregiver system intended to support these people is in need of significant reinforcements over the next decade.
The risk of needing long term care is becoming more apparent to the public and it’s important that consumers are aware of their options when planning for retirement.
Long Term Care Needs More Attention
The Congressional Commission on Long Term Care concluded recently and released their full report yesterday.
Most people avoid the subject of growing old. Planning to need help with basic activities of daily living like eating and getting around isn’t exactly a pleasant conversation, but as Americans live longer each year, it has become a necessary one.
When we plan for our futures, we tend to focus on certain things: our future car, our future house, our future job. Something not usually included in that planning is our future health care, though with the rising cost of medical services, it should be at the top of the list.
Don’t Wait to Plan
Our refusal to plan isn’t theoretical; it’s reflected in data year after year.
People shopping for a long term care insurance policy will notice that there are a lot of different choices, many of which can be confusing to those who have never dealt with this type of policy before. One option in particular, the Guaranteed Purchase Option, is often offered as a rider, but young buyers should stay away from this rider to avoid future financial disaster.
Transamerica released their most recent Long Term Care Insurance product today. Trans Care III, hailed by the company as “the next-generation of long term care insurance” is now available for quotes and applications.
Transamerica is one of many companies who have recently fallen in line with the latest industry method of gender-based pricing.