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A Guide to Retirement Planning, Long Term Care Insurance Rates, and Policy Coverage

Long term care Insurance Rates, policy types and coverage, Retirement plans, and Social Security benefits—these are just a few of the aspects that baby boomers must keep in mind as they prepare for their future.

Over the years, we have witnessed substantial changes in how older adults choose to retire and grow older. Their behavior in relation to retirement and aging has deviated from the traditional views. What we mean by this is that more baby boomers are attracted to the idea of active retirement aging. Because of the current circumstances and roadblocks of retirement, baby boomers have become more proactive with Planning. This is seen in the way many from their generation are choosing to work beyond 65 or taking the time to sit down and create a plan that fits their needs.

However, the question is if these efforts are able to keep up with the significant changes happening in the retirement and long term care industries. As we all know by now, long term care service rates are sky-rocketing and many are not covered by insurance. Moreover, programs that baby boomers initially thought they could rely on—Social Security, Medicare, and Medicaid—either do not offer coverage or provide benefits that are simply not enough.

Industry Players Talk about Baby Boomer Issues

These are challenging times, and many are terrified of the possible outcomes. However, baby boomers should not let these concerns keep them from working toward a secure and enjoyable future.

In a previous post, we have shared the top 10 retirement and long term care planning tips to help older adults beat aging issues. For this month’s digest, we are focusing on the various accounts of industry players about retirement planning, long term care insurance rates, and policy coverage details that can help baby boomers in tackling any aging issues that might come their way.

Long-term Care Insurance Rates on the Rise for Women

Long term care is often dubbed a woman’s issue. Anne-Marie Botek of discusses how women typically end up paying for more for long term care insurance. This is because of their longer life spans, and in effect, larger benefit claims. In fact, Botek highlights that one woman collected approximately one million dollars in insurance claims for nearly sixteen years. She also stressed that the best strategy against these increasing long term care insurance rates is to purchase a policy sooner rather than later.

7 Ways Women Can Cut the Cost of Long-term Care Insurance

To help combat the issues presented above, here are long term care planning tips from Kimberly Foss and Bob Gertie. In their Next Avenue post, they shared seven strategies women can apply to lower long term care insurance rates. These tips range from consulting with an adviser to considering shared care policies.  She also highlights the importance of planning early.

5 Long-Term Care Planning Lessons from ‘Willy Wonka and the Chocolate Factory’

Many learn about the harsh realities that come with long term care needs through articles and news features. However, Jamie Hopkins shares through Forbes that even the most unlikely sources can teach anyone a thing or two about care needs. In his post, he points out how Willy Wonka and the Chocolate Factory (or Charlie and the Chocolate Factory) depicts the unfortunate circumstances that can come from having care needs. He cites the situation of Charlie’s four grandparents and how these instances are close to the situation of many older adults. Moreover, he stresses that without a long term care plan, many would have to rely on luck or charity.

Filing a Long-term Care Insurance Claim

Atty. Ryan McNeill of Brinkley Walser Stoner highlights the importance of having long term care coverage to cover the costs of services like assisted living, nursing home care, and home health care. He details in his post the various steps and helpful tips individuals can take to file a claim.

Retirement planning? Couples, mind the age gap

Age gaps can have significant effects on a couple’s financial stability, especially during the golden years. In planning for retirement, The Associated Press’ Arielle O’Shea cites through The Denver Post key points and strategies that couples can apply when planning for their future. From planning for the younger spouse to stretching financial resources, the article provides valuable advice on how to manage finances more effectively.

Retirement checklist for women — 7 simple tips to get you started

Retirement is an uncertain time for many individuals, but more so for women dealing with the financial roadblocks that come with aging. Melody Juge’s MarketWatch post cites vital information and tips on how women can manage their finances effectively before and during retirement. However, baby boomers—regardless of gender—can also apply these strategies when they plan for retirement and long term care.

Additional Thoughts to Consider

In planning for long term care and retirement, baby boomers must always remember the importance of having the right set of information before deciding on anything. Because of the digital age, we have gained access to a multitude of information that would have taken days to gather decades ago. While this presents many advantages in terms of research, it also poses a big threat to those who do not take the time to filter the information they are presented with.

One key example of this is the misconception that involves Medicare. According to research, nearly 4 out of 10 Americans mistakenly rely on Medicare to provide the coverage for their long term care needs. They go about retirement and long term care planning thinking that they can rely on the program to fill in the gaps. As anyone can see, this leads only leads to disaster.

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A Guide to Retirement Planning, Long Term Care Insurance Rates, and Policy Coverage


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