Connecticut’s growing 65 and over population makes health planning important

Census data tells us people are living longer, even past 100. In 2010 14.4 percent of Connecticut’s population was 65 and over up from 13.8% in 2000. It jumps to 21.5% by 2030.   

What does all this mean? The chance of needing help with frailties as we age or perhaps tomorrow following a change in health is significant.. Compounding this big risk is the high cost of professional help! A Hartford area survey shows:
● A certified home health aide coming to help 5 hours, 5 times a week can be over $950. This could grow to over $8,000 a month in just 15 years.
● Assisted Living facilities can be up to $6,500 a month.
● The Connecticut Partnership for Long Term Care reports the average cost for a semi private Nursing Home is now over $127,000 a year.

What to do? The risk is high and the cost of help is astronomical so the important question is how to pay for this special assistance? Traditional health insurance won’t cover it and Medicare covers little if any. Consequently, instead of using funds in your hard earned nest egg to hire quality professionals the most effective plus economical way to pay is with the pool of funds that comes with long-term care insurance. 81 percent of the individuals who bought in 2010 were under 65 according to a new American Association for Long-Term Care Insurance study. Over half of them selected four years or less protection and opted for cost sharing.

People report they bought because they did not want to be a burden on family. There is a big plus if you take action and buy early! How? A much better chance of qualifying for a nice good-health discount.
 
Want more information on the value gained from this important planning? Call—(860) 739-0005—today and a free copy of Phyllis Shelton’s new little book the “ABCs of Long Term Care Insurance” will be mailed to Connecticut residents.


The impact on care givers is significant

As more families are caring for elderly parents the result is a BIG impact on the financial security and the health of individuals doing the care giving.

A new analysis by the University of Michigan, of people 50 and older, brings out the average in lost wages, retirement savings, and SS was $303,880 over their lifetime! Note: Since this is an average the amount will be higher for many people.

This study was conducted for the University by the Mature Market Institute with the National Alliance for Caregiving and New York Medical College’s Center for Long Term Care Research and Policy.

An early study by the Mature Market Institute found the most common health problems encountered by care givers were depression, hypertension, diabetes, and pulmonary disease. Care givers are also less likely to go for preventive check ups.