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According to the United States' Government's Medicare program, coverage of nursing home care is offered only on a limited basis. In order to be eligible, the Medicare must only receive services from a Medicare-approved facility, and must have a "qualifying hospital stay" just before entering the nursing home; this stay is generally three days or longer ("Nursing Homes: Paying for Care").
In light of these potential medical costs, one must be careful when advising this couple. The goal of retirement is to allow them to maintain their quality of life, but their quality of life is not maintained if they are constantly sick or worrying about their health. The father's skepticism about taking out a policy that would cover nursing homes or home nursing services is warranted. First of all, no one wants to think about the time when they will no longer be able to take care of him or herself, and second of all, with a large nest egg, income, and insurance, the father is not alone in assuming that he would be covered. Because both parents are already suffering from adverse health conditions, investing in long-term care insurance is advisable. Medicare may not cover long-term care residence if certain conditions are not met, and assessing those conditions from state to state can sometimes be difficult. Furthermore, filing paperwork and making claims is notoriously difficult with government insurance. By purchasing long-term care insurance, this couple and their families will be able to choose any nursing home facility that they would like, not just those that are covered by Medicare. Although living in a nursing home does not allow older Americans to live up to their standard of...
Eating healthy, consulting a physician, and practicing health living can still result in greater energy and lower instances of medical problems. Also, the looming prospect of medical expenses does not necessarily mean the couple cannot live the life of retirement that they've always dreamed of. Instead, they must simply practice frugality, spending within their $40,000, refraining from risky investments, and saving as much as they can. By incorporating these methods and advice, this couple will be able to live a full retirement life.
References
"10 Ways to Prepare for Retirement." (2008). Retrieved October 1, 2008, from About.com.
Web Site: http://retireplan.about.com/od/planning101/a/10_ways.htm
Franklin, Mary Beth. (2008). The Basics: How Much Do You Need to Retire. Retrieved October 1, 2008,
from MSN Money.
Web Site: http://moneycentral.msn.com/content/Retirementandwills/Createaplan/P142702.asp
Web Site: http://www.medicare.gov/nursing/Payment.asp
Web Site: http://articles.moneycentral.msn.com/Insurance/AssessYourNeeds/WillMedicalBillsRuinRetirement.aspx
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