The Cost of Living Longer – Wall Street Journal – 10/27/12




The Wall Street Journal

Weekend Investor – Family Finances – October 27, 2012

The Cost of Living Longer

Prices for Long-Term Care Are Soaring, Even as Providers Pare Back on Services.

But There Are Ways for Families to Get More for Their Money

By Kelly Greene

Nationwide, long-term-care costs in a number of categories have risen faster than inflation over the past year, according to research to be released Tuesday by insurer MetLife’s Mature Market Institute. At the same time, care providers are changing the types of services available or bundling services in new and at times confusing ways.

The broad category of “long-term care” includes a variety of health and daily-living services, either in facilities or in people’s homes, for people with chronic illnesses or disabilities.

The price of a private room at a nursing home, meanwhile, rose 4% over the past year to $248 a day.

Costs are rising for most kinds of care, according to the MetLife study, which surveyed nearly 6,700 long-term-care providers and is the first to analyze the ways providers have started bundling together various add-on services, such as transportation or extra meals, in their fee structures.

 Comments October 27, 2012

According to the U.S. Department of Health and Human Services, 7 in 10 people over the age of 65 will require long term care. Like all insurance, Long Term Care Insurance shifts the risk from you to the insurance company. A single year in a nursing facility could cost more than a lifetime of Long Term Care Insurance premium payments.

Newer Long Term Care Insurance (LTC) policies can be Partnership Program certified – allowing you to protect your assets away from Medicaid without a look-back period. In almost all states that have Partnership Programs, the amount of assets Medicaid will disregard is equal to the amount of the benefits you actually receive under your LTC Partnership Program certified policy.

Some LTC Insurance policies, including Partnership Program certified policies, pay for care in a nursing facility, assisted living facility, adult day care facility, in your home with care from an agency or from friends and family. Care provided by friends and family may cost half the price of any agency – doubling the amount of time the policy will pay for care.

Let us research the market and design a long term care solution to meet your needs and budget at:

Aaron Skloff, AIF, CFA, MBA
CEO – Skloff Financial Group

Aaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA), Master of Business Administration (MBA), is the Chief Executive Officer of Skloff Financial Group, a Registered Investment Advisory firm. The firm specializes in financial planning and investment management services for high net worth individuals and benefits for small to middle sized companies.  He can be contacted at or 908-464-3060.

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