WASHINGTON, Oct. 23 (UPI) -- Experts warn that more than 95 percent of U.S. boomers are unprepared for long-term-care needs associated with living a long life.
Some 7,900 U.S. baby boomers turn 60 every day, and with medical advances most boomers can expect to live into their 80s and 90s.
Jesse Slome, executive director of the American Association for Long-Term Care Insurance, says most people acknowledge it's a mistake to put off retirement planning until age 60, but not enough realize the same is true for planning for long-term care.
"Those who delay long-term-care planning until after retirement may find themselves unprotected against a risk that could wipe out their retirement savings," says Slome.
As life expectancies increase, the likelihood of needing long-term care -- either at home or in a nursing home -- increases. Healthcare and long-term-care costs have increased faster than the Consumer Price Index, according to some studies. "In 15 years, today's 60-year-old can expect to pay $80,000 to $120,000 for a single year of care," Slome said. "For those who are uninsured, the cost of long-term care for even two or three years can wipe out one's retirement savings."
Insurance companies offer incentives for individuals who are in good health when applying for long-term-care coverage, so payments cost less if insurance is purchased when you are younger and in good health.
