When long-term care provisions in the health care reform act were dumped, seniors wondered how they would pay for expensive nursing or home care.
“The abandonment of the long-term care provisions in the health reform act scared millions of American seniors and their families,” said Evan Tunis, president and CEO of Next Exit Retirement, a Boca Raton long-term care insurance broker or West Palm Beach long-term care insurance broker. “What were they going to do to pay for their pricey nursing home or assisted living care? Given the fact that there are 40.3 million seniors in the U.S., this is a bigger issue than many may think.”
To put these numbers into perspective, Senior Journal released statistics that revealed between 2000 and 2010 people in the 45 to 64-year-old age bracket increased to 31.5 percent of the total population, or 81.5 million individuals.
“That age bracket wasn’t the only one to explode,” added Tunis. “So did the 65 and older demographic, growing at a rate of 15.5 percent and topping out at 40.3 million. Those numbers are significant and those in that age bracket may need long-term care, assisted living facilities to stay independent, or nursing home care. If they don’t have long-term care insurance, this will be a major struggle not only for the individual, but the family.”
Make no mistake, this is a very emotional issue and it has a serious impact on the elderly and their caregivers. The White House said it could not find a plan that offered a reasonable premium, and so they killed it, leaving stunned and frightened seniors and caregivers trying to pick up the pieces. With one in five caregivers scouring the Internet for long-term care information and almost 12 percent of Internet browsers trying to find the same information, this is an issue that will not go away.
Long-term care has a life of its own, particularly since the costs are continually creeping upward. For example, a couple who are 65-years-old or older can expect to pay at least $197,000 for their care. If nursing home care is also a part of the equation, that cost may hit over $260,000 to $570,000. “No one has that kind of money on hand, especially not seniors, and Medicaid does not fill the gaps,” Tunis indicated.
With statistics like this facing the aging American population, it is definitely time to emphasize that buying long-term care insurance when younger is a smart move to protect one’s future. As it stands right now, seniors are faced with a lose-lose situation when it comes to trying to maintain their health. The very people that built the nation are being left out in the cold to fend for themselves because the government, once sworn to protect the rights of everyone, is abandoning them to save money.
“I honestly can’t urge you strongly enough to take your health care into your own hands and plan for the future. It is a critical issue. Calling me now to talk about what long-term care policy would suit your circumstances will give you peace of mind, not to mention that you will be able to maintain your independence later on in life because you planned for the future,” Tunis added.
Evan Tunis is with Next Exit Retirement. To learn more about Boca Raton long-term care insurance or West Palm Beach long-term care insurance visit http://www.nextexitretirement.com.