How On Earth Did Things Go So Wrong With Long-Term Care?

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There’s no simple solution to the long-term care puzzle, but you can learn more and have your questions answered by experts at our January 26, 2017 long-term care lunch presentation

Are you confused about how to solve your long-term care needs? Most people are.

By long-term care, we are referring to the personal care that Americans may need as they age.

Many people buy long-term care insurance policies, writes Leslie Scism in the Wall Street Journal, which “pay for personal aides and extended nursing-home stays that Medicare, the federal health-insurance program for the elderly and disabled, doesn’t generally cover.”

Not only are these policies expensive, but two more long-term care insurers are now collapsing as care costs have outstripped premium payments.

Leslie Scism recently wrote about two insurance units of Penn Treaty American Corp. facing liquidation as care claim liabilities top $4 billion and assets amount to only a fraction of that amount. Over 79,000 long-term-care policyholders will be affected by the liquidation.

How on earth could things have gone so wrong?

It has been the perfect storm for insurance executives, who underestimated how long people would live and overestimated how much they could earn on their own company’s investments.

There’s no simple solution to solving the long-term care puzzle, but you can learn more and have all your questions answered at our January 26, 2017 long-term care lunch presentation. Our special guest will be one of Florida’s top long-term care experts.

So mark your calendars and plan to invite a friend or colleague as well! Look for more details in your email or mailbox soon, or please call Stephanie Cooper at 561.417.0001 for more details.

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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