A co-production between Boston Lyric Opera
and San Francisco Opera
LIMITED ENGAGEMENT
SEPT. 23 – OCT. 2 | 2016
BOSTON OPERA HOUSE
TICKETS START AT $25
PACKAGES START AT $110
BLO.ORG | 617.542.6772
MEZZO-SOPRANO
JENNIFER JOHNSON CANO
PHOTO BY LIZA VOLL
PHOTOGRAPHY
BIZET
If you don’t have long-term care insurance, says Michael Kitces, partner and direc- tor of wealth management at Maryland-based Pinnacle Advisory Group, you’re not
adequately protected.
“Without long-term care insurance,
you leave yourself exposed to significant
risk that can be destructively expensive,” Kitces says.
Long-term care insurance covers
medical costs associated with aging.
Coverage ranges from home modifications like ramps and grab bars, in-home
care to help with activities like bathing
and dressing, as well as assisted living
and nursing home care.
Although the coverage has been
available since the 1960s, Wade Pfau,
PhD, CFA, professor of retirement
income at The American College and
principal at McLean Asset Management
in McLean, Virginia, says the policies
have only recently become popular.
“We’re living longer and having
more long-term care events,” Pfau says.
“Coverage has become much more
widely available, and people are taking
In 2008, the American Associa-
tion for Long-Term Care Insurance
(AALTCI) reported that 6. 6 million
Americans had purchased long-term
care insurance policies. By 2015, that
number rose to more than 8 million.
Over half of policyholders purchased
insurance between the ages of 55 and 64.
THE CASE FOR COVERAGE
Long-term care is expensive.
A 2015 Cost of Care survey conducted
by Genworth Financial found that the
median hourly cost of a home health aide
was $20 per hour; the median annual
cost for care in an assisted living facility was $43,200; and the median annual
cost of a private room in a nursing home
topped $91,000.
Policies that cover nursing home
stays (and other long-term care events)
can help pay for those costs and protect
you from covering them out-of-pocket.
Although Medicare benefits will kick
in after you’ve depleted your assets and
can no longer pay for your own care,
there are downsides to depending on the
