As America Ages, Issue of Long Term Care Emerges

Eileen Ambrose of the Baltimore Sun addresses planning for Long Term Care insurance; including emotional drawbacks, when to buy, coverage amounts, and pricing.   Also identifies the tremendous costs of nursing home care:

A recent study by the Commonwealth Fund and other research groups concluded that long term care services are unaffordable.  The typical cost of nursing home care, according to the study is 241 percent of the average household annual income of older Americans.  And the national median cost of a private room at a nursing home was $75,190 a year.

The rich, of course, can afford to pay for their own care.  And Medicaid will pick up the tab for the poor, although that program is financially stretched.

Planning becomes important for those in the middle.

If you happen to be one of "those in the middle," contact Baygroup Insurance to begin your long term care planning education process.

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