FOR IMMEDIATE RELEASE

Contact: 
  Todd Stein
xACSIA Partners Insurance Agency
todd.stein@acsiapartners.com
415-861-5088

50-Somethings Advised to Calculate Their 'Long-Term Care Savings Gap'

If it's too big, it jeopardizes retirement dreams, but there are options, reports Todd Stein, an expert in the area

San Francisco, CA October 27, 2015 – Most Americans are poorly prepared to pay for long-term care costs, but there's a two-step fix, according to Todd Stein, a San Francisco-based agent with xACSIA Partners Insurance Agency, a leading long-term care insurance agency.

It starts by learning if there's a gap, and how big, between your ability to pay and your likely future expenses.

For most Americans there is indeed a gap. According to a May 2015 report from the U.S. Government Accountability Office (GAO), 52 percent of households age 55 and older have no savings for retirement (let alone long-term care). If you're among the 48 percent with some retirement savings, you may be prepared to cover some, but not all, of your probable LTC tab.

What to do?

"Step one," says  Stein, "is to see if you have a gap, and how big." Doing so can take less than five minutes. For a rough estimate,  Stein recommends entering a few facts into a calculator provided by the U.S. Department of Health and Human Services: http://longtermcare.gov/savings-calculator/.

Here's a sample calculation for a 52-year old woman planning to retire in Florida, who could afford to set aside $300 (earning 4 percent interest) per month starting now. She would have a long-term care savings gap of $652,184, based on $839,263 in projected care costs in Florida, for life remaining after age 65, minus $187,079 in accumulated savings, as determined by government data and assumptions.

If the woman were married, there would likely be a similar gap for her partner.

Once you know you've got a gap, "the next step is just as simple and almost as quick," says  Stein. "Ask a state-certified long-term care agent to help you explore your options." This can be done by phone or online. An in-person meeting is optional.

Todd Stein is a leading long-term care  agent  serving consumers and organizations in CA. “We’re glad to help them find the best, most affordable solution for their  situation,” Stein says. “In addition to long-term care insurance, today's options range from critical illness insurance to annuities and life insurance with LTC riders.”

Information is available from Stein at 
todd.stein@acsiapartners.com, http://www.toddsteinltc.com or 415-861-5088.

In California the company is known as xACSIA Partners Insurance Agency; in other states, as ACSIA Partners.

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