Insuring Long Term Care
100 years ago the life expectancy was 47 years old and now because of extraordinary medical advances there are treatments and people are living longer, which creates an increased need for long term care and medicare supplemental plans. Anyone at any age can need long term care , it refers more to personal needs, not necessarily medical care, taking care of basics like eating, dressing, bathing transferring, continence, etc.
The odds a person will need long term care is 1 in 3 for a man over 65, its 50% for women due their longer life expectancy. Currently life expectancy for men is 74.5 and women 79.9 years.
Who would want to outlive their resources? Four primary sources of covering the cost of long term care are family, the government (federal, state and local), personal savings and insurance. Jack Lenenberg is a 2nd generation, nationally recognized insurance advisor. Increasing costs associated with long term care are for certified nursing assistant at home, assisted living care, nursing home care, and it varies by state depending on its cost of living.
There are not that many other funding options available.
- Medicare does NOT cover long-term care. Medicare covers short stays, for medical expenses and some medical conditional nursing home care.
- Medicaid is for those in financial need.
Long-term care insurance seems like a good idea. In a perfect world it wouldn’t be as expensive as it is, but think of what the alternative is.
Making Money in Retirement
During this festive season, it always renews my desire to make money, since it was always the busiest and most important time of the year for so long. Its too strange to be home, let alone not making commission or thinking about how to spend my bonus, which is the other thing missed and the party.
So I started an ebay store, my niece is going to set a pinterest board and at that first auction I had that old feeling again. I also travel to local fairs and shows to sell, swap and buy.
Here are some other ideas people gave me.
Many of our friends make crafts, the Christmas crafts are the best sellers. Ornaments, door hangings / greetings, table centerpieces… You could even design neighbor’s outside decorations and expand to include Halloween.
Then there are the bakers and preserves, jams and jellies. Some do the farmers market circuit and some have sold directly to stores. Whole Foods and Trader Joes stores are open to local business, especially if its a nonprofit.
Which brings me to the consultants, advisors, teachers and tutors. Other ideas were catering, event planning and organizing (I’d like to be a roadie, but that’s a singles lifestyle, usually) and my favorite, write a book for movie, trilogies preferred. Thanks for the ideas.
10 Great Hobbies & Activities for Retirees
- Tour guide
- Art class / community theatre / lessons in something you have always wanted to learn
- Cooking
- Gardening
- Crafts / Woodworking
- Travel
- Invest in a Business as Adviser
- Sell online / ebay, especially you if have original 70′s star wars merchs, call Toy Hunter if you have a garage full of childhood fun.
- Volunteer
- Write / Video / Podcast your stories (yes, where were you when President Kennedy was shot and felt, compare to where were you and felt on 9/11)
Bonus * Find some way to get younger people to watch black & white movies, even silent.
D5 Creation