This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why You Could Die Broke, Lonely and Miserable

NEW YORK (TheStreet) -- While health insurance is controversial, the product is not broken.

Long-term care insurance is broken.

Long-term care insurance works something like Social Security. Young workers pay; old workers collect.

But as the costs of long-term care have skyrocketed, and as America has continued to age, the numbers no longer add up.

Operating costs are rising, and longer life spans mean people are spending more time in increasingly expensive acute-care facilities.

A recent cost of care study from Genworth Financial (GNW) offers a good summary.

It now costs $3,500 per month to keep someone in an assisted living facility. A nursing home, which offers more care, costs even more. Half of those aged 65 or older will need such care at some point, notes LTC Tree.

Middle-class people can't bear these costs. We can't even plan for them.

I have had disability coverage since I started working 35 years ago. The premium is $33.85 per month. The roughly $14,000 I've paid out for coverage over that time would pay for just a few months of nursing home care.

Knowing how bad the numbers are, many large insurance carriers have exited this area.

MetLife (MET) decided to get out of offering such policies in 2010Prudential (PRU) chose to stop selling individual policies in 2012, the same year as UNUM Group (UNM).

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%
TSLA $231.61 0.00%
YHOO $32.94 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs