Do You have $570,000 for Long-Term Care? Look at New Boston College Study on Long-Term Care Costs
Do you have $200,000 saved?
Do you have $260,000 saved?
Do you have $570,000 saved?
According to a new study by the Center for Retirement Research at Boston College, a typical couple would have to save nearly $200,000 to pay for their out-of-pocket medical costs from the time they are 65 until they die.
Now . . . add in long-term care costs . . . and they are likely to need $260,000.
Now . . . get this . . . About 5% of 65 year-old couples will face catastrophic medical and long-term care costs exceeding $570,000, according to researchers Anthony Webb and Natalia Zhivan. The Boston College researchers estimate those expenses would have exhausted the total financial assets of 85 percent of all retirees even at the peak of the stock market in 2007.
Another example of why we need to have a long-term care savings program in America.
1 Comments
Most American still believe that Medicare covers long term care requirements. They are under the illusion they have paid into this government insurance program through social security and their long term care needs already met. A terrible mistake. Medicare is a acute care insurance policy. It covers you if you are in a hospital, maybe 100 days after you come out of the hospital --so it covers acute care needs. But it does not cover long term care needs and that where older people start to exhaust their savings to cover the cost. Their doctor’s visits are covered but not home care, assisted living , home health or skilled nursing- So their long terms care needs , and I underscore care , end up bankrupting them. Cathy Jo Cress www.agingfamilydial411.blogspot.com/
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