Tuesday, October 27, 2015

ACSIA Partners: Most Americans Cannot Afford Long Term Care

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According to ACSIA Partners, a leading long term care insurance policy company, almost all Americans who are 50 years old struggle to cover the high cost of long term care.

But don’t fret because according to ACSIA, there are two ways to overcome this hurdle.

First, you should determine if there is a gap between your ability to pay and as well as your possible expenses in the future.

A gap definitely exists according to a May 2015 report by GAO or U.S Government Accountability Office. According to the report, 52% of households 55 and above have no savings for retirement. Even if you still have some retirement savings, this may not be enough to cover your future long term care needs.

So how can you close the gap?

Denise Gott, CEO of ACSIA Partners recommend getting a rough estimate. You can do this by using the calculator provided by U.S Department of Health and Human Services: http://longtermcare.gov/savings-calculator/.

To give you an idea, here’s a sample calculation of a 52-year-old woman who plans to retire in Florida and can save $300 that earns 4% interest monthly. Her long term care savings gap would be $652, 184 based on the projected care cost in Florida which is $839,263, for life remaining after she turns 65, minus $187,079 in accumulated savings, which is determined by government assumptions and data.

If she is married, then her husband will have the same long term care gap too.

After getting an estimate of the gap, you can now proceed in seeking the help of a certified long term care specialists to help you consider your options. To help you get started, you can receive expert advice here, free ebook and long term care insurance quotes as well: http://www.altcp.org/expert-help-ltci-quotes.

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