| Are you prepared for Long Term care?
Because of the aging population we are finding more and more financial planners specializing in helping people not only plan for retirement finances, but also in helping their clients prepare for the consequences of aging, including long term care.
(1999) The New England Journal of Medicine said in 1991 that about 43% of those people who turned age 65 in 1990 will enter a nursing home at some time during their life. 24% of the elderly over age 65 will need nursing home care for more than one year.
The same study reported that among all persons who live to age 65, only 1 in 3 will spend three months or more in a nursing home; about 1 in 4 will spend one year or more in a nursing home; and only about 1 in 11 will spend five years or more in a nursing home. In other words, 2 out of 3 people who turned 65 in 1990 will either never spend any time in a nursing home or will spend less than three months in one. The risk of needing nursing home care is greater for women than men; 13% of the women in this study, compared to 4% of the men, are projected to spend five or more years in a nursing home.
However the study does not address significant underlying problems. There are far more people that should get formal care but, due to both financial obstacles and emotional "obligations", many caregivers give care either beyond their own capacity to cope or may simply give inadequate care. About 75% of Alzheimers victims are cared for in the home. A long term care policy need not be prohibitively expensive and can cover care for many more than the 33% who do need care.
It Can Happen at Any Age
Many people don't realize that the need for long term care can strike at any time. Statistics show that 40% of people receiving long term care services are working age adults, between the ages of 18 and 64. Would you be prepared for long term care, if you suddenly required it?
Please contact us by phone at (306) 757-2121, or send an e-mail and let us discuss Long Term Care in more detail.
Yours truly,
Tactical Asset Management, Inc.
phone: (306) 757-2121
fax: (306) 347-3655
e-mail: inquiry@tacticalassetmgmt.com
website: www.tacticalassetmgmt.com
The information and opinions contained herein is based on sources believed to be reliable, but their accuracy cannot be guaranteed. Readers are cautioned to consult a professional before acting on the basis of material contained in this communication. This newsletter is copyright and may not be reproduced in whole or in part without the copyright owner's written consent. |
