Studies by the American Association of Homes and Services for the Aging (AAHSA), a not-for-profit group that studies elder care, 70% of people who reach age 65 require long term care at some point in their lives. Some of this care is provided in the home, some in assisted living facilities, and some in nursing homes. According to an October 2007 study by the MetLife Mature Market Institute, the average cost of a private room in a nursing home is $77,745 a year. The average stay . More »

Amortization is the gradual reduction of a term debt by periodic payments sufficient to pay the current interest and to eliminate the principal at maturity. The amount of periodic payments depends, in part, on the principal, the interest rate and the length of time of the loan. An amortization schedule is basically a table containing loan details. The beginning of the table shows the amount borrowed, as well as the time period of scheduled payments. The amortization table will then show each payment to be made . More »

Providing for adequate health care is one of the top concerns for today's seniors. And yet, many find themselves coming up short when that need is for long term care. With costs skyrocketing and government purse strings tightening, planning for such care has never been more important. Don't let long term care costs take you by surprise. The gap that exists between what seniors need in long term care and what Medicare and Medicaid will cover is huge. Combine that with the proposed Congressional bill restricting Medicaid . More »

As the price of everything goes up growing old gets more costly. Thankfully, we now have some financial resources to make our retirement years more comfortable. One growing solution is long-term care insurance (LTCI). It can be a great financial tool but make sure you understand what you're getting before you sign on the dotted line. Like most insurance policies we don't really know how well it works until we use it. Take a closer look at the fine print if you're considering a long-term . More »

What are tax deductible medical expenses? Tax-deductible medical expenses may include the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. They may also include the costs of equipment, supplies, and diagnostic devices needed for these purposes. Dental expenses are also covered. The incurred expenses must be primarily to alleviate or prevent a physical or mental defect or illness. Expenses that are merely beneficial to general health are not included.

What is long . More »

In your twenties, thirties or forties and healthy? Now is the time to consider long term care insurance while you can qualify for preferred rates, which is a code word for substantial discounts, due to both your age and your perfect health.

Long term care insurance is just not for the old. How many persons do you read about that have been injured in car or sporting accidents? In many cases these are young people. Who takes care of these young people when they are seriously injured and require days, months or years of care? In many . More »

For those of you unaware of what long term care insurance is, here is a quick rundown. This is a type of insurance that can pay for medical expenses that arise beyond the typical medical or nursing expenditures. It normally is used for people who have long term medical disabilities. Costs outside of medical and nursing expenditures can increase very quickly and overwhelm any person without significant resources. That is where long term care insurance comes into the picture. An example of different things long term care . More »

Long term care of elderly is everyone's concern since it will most likely affect you or a loved one. In this article I'll respond to 6 questions that encompass your long term care (LTC) concerns: What is LTC? Who needs it? Who provides help for it? What's the cost? Who pays for it? What should you do about LTC?

What is LTC?

You need LTC when you need help carrying out your activities of daily living (ADLs) for the foreseeable future. For seniors, this most likely means for . More »