Long Term Care's Impact on the American Family
I was reading an article on CNN from their CNNMoney.com page about the impact long term care has on the American family. The U.S. House of Representatives has issued for the first time a resolution announcing its support for national Long Term Care Awareness Week (Nov. 4 - 10) to bring people's attention to the devastating impact long term care has on American families.
In the article it discusses Genworth Financial -- one of the nation's leading providers of individual long term care insurance* and how they are among several long term care companies participating in this industry-wide public awareness campaign. During its annual Long Term Care Insurance symposium held last month, Genworth Financial released the results of a poll examining how people feel about long term care issues as they relate to the 2008 presidential election.
According to the new national survey conducted by Public Opinion Strategies (POS) and The Mellman Group, "nearly seven in 10 Americans have not made any plans for their own, a spouse's or another relatives' long term care needs. Yet, more than half those surveyed have had a loved one who needed some form of long term care." The poll also found that, "close to 80 percent of the respondents want to see long term care included in the health-care proposals offered by the presidential candidates. More than 80 percent of those surveyed also said that positions on long term care funding will be an important factor in deciding who to vote for in the 2008 election."
Genworth Financial recently published a new book on the future of long term care in America, written by industry professionals, which talks about America's current long-term care system and the challenges it will face as 78 million Baby Boomers retire and continue to retire.
The book mentions that a single year of long term care in a facility such as a nursing home or assisted living facility can cost more than most people's annual income, according the Genworth's 2007 Cost of Care Survey. Specificly the study found that the national average for a nursing home room in 2007 costs on $74,806. The problem is that the median household income in the United States is $46,272. One can obviously see the conundrum families face in the event a parent, grand parent or them selves face need long term care. Where will the money come from?
Home care, which is the most preferred type of care at around 80% of all care, costs much more than you might think. The Genworth Financial survey found that, "the average hourly rate for a certified and licensed home health aide is $25.47 per hour, a cost that adds up to $52,977 per year for a 40-hour work week." Surprisingly, another Genworth survey released in April 2007 found "that 44 percent of Americans incorrectly believe that Medicare or their private health insurance pay for long term care."
These figures and facts are surprising to most and the risk that the average Baby-Boomer faces in needing long term care should be addressed if one has assets typically above $60,000 excluding your home. At LTCtree.com we can help you shop for the best Long Term Care Insurance plan at the best price and value because we work with virtually all of the "blue-chip" carriers such as John Hancock, MetLife, and Genworth and will give you a side-by-side benefit and price comparison. Simply fill out the form below and we'll get you your quotes.
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