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|Subject: Re: Big Problems wth LongTermCare Insurance||Date: 7/13/2013 10:50 AM|
|Author: tjscott0||Number: 72602 of 83150|
Thought this CBO might be of interest on this subject.
Rising Demand for Long-Term Services and Supports for Elderly People
First, I direct to page 8-exhibit 2[% of adult population that is elderly]
Then page 19-exhibit 11[current rate of institutionalization-2010]
age 65 to 74: 1.3%
age 75 to 84: 3.5%
age 85 & up: 13%
And finally page 25-exhibit 16[medicare/medicaid spending for long term care]
Not surprising the spending doubles over the next decade due to the size of the boomer generation.
John Bogle, the 82-year-old founder of Vanguard Group, a mutual fund powerhouse, called the U.S. retirement security system a "real mess," saying it was in need of deep-rooted reforms.
He also said the current average balance in Vanguard's 401(k) retirement savings plans was only about $26,000, and that rose to only about $60,000 for the median account of older people, far too little for anyone to build a retirement on.
I think it would behoove anyone to consider that medicaid may no longer have the financial resources to fund long term care and that everyone is on their own to fund their long term care.
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