Monday, October 20, 2014

Boomer Watch: Long-Term Care Insurance - It's Significance to Aging Boomers

The entire baby boomer generation is needing long-term care services due to frailty and less agility brought about by aging and illness . A lot of Americans are blaming baby boomers as the cause for the sinking economy due to several issues faced by the aging boomers including health care, housing, long-term care, debts and retirement.

The boomers generation are becoming the source of trend and discussion among financial adviser. With billions of baby boomers aging everyday, billions of dollars worth of care will be spend for their generation. Government and family members of baby boomers are worried "who will pay for their health and long-term care expenses?" Medicare and medicaid isn't enough to cover all their long-term care expenses, and these programs are already exhausted and under stress.

Many adviser suggested long-term care insurance as a viable way to cover these expenses. However, a lot of boomers generally do not understand what ltci is and why there is a need to purchase one. Here's a brief explanation about long-term care insurance's what and why.

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