A push to get Minnesotans to save for old-age care

  • Article by: WARREN WOLFE , Star Tribune
  • Updated: January 12, 2012 - 8:33 PM

As Minnesota's population ages, caring for the elderly could become a huge drain on state finances. The state's human services chief plans to launch a new effort to encourage people to finance their own care.

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spendmoreJan. 12, 12 8:55 PM

"If we don't figure this out pretty soon, in 20 years Minnesota won't have money for schools, highways, even for other social services," - But who cares, we will still be paying for a new stadium for the Vikings. That's the only important thing. Good Luck!

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govtbsJan. 12, 12 9:05 PM

Boomers did invest in their future, it was called their home but wait a minute, oh that's right, we had to bail out wall street and now our homes are worth a damn! I have elderly relatives with long term care insurance, $600.00 a month premiums for them and when they needed services it was a joke what these elderly people had to do in order to try and get services and they had been paying on this policy since the 90's! Just like any insurance they want your money and not have to pay out.

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spendmoreJan. 12, 12 9:09 PM

"Our current system is unsustainable." - We have been trying to say this for years. Why would we believe someone is listening now? I am sure those of us that have already planned for this will be forced to pay for those that don't and won't.

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allhailfsmJan. 12, 12 9:26 PM

Anyone who thinks they can hand over money to an insurance company for 20 years, and then expect that company to honor their commitment is delusional. Especially if republicans roll back all regulations in a frenzy of buyer-beware free market hooliganism. I have paid into Soc Sec for FORTY YEARS and now the GOP wants me to fend for myself? Really? REALLY?

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sunnyreaderJan. 12, 1210:57 PM

The cost of long term care insurance is prohibitive for most people. Until a way to finance it for the long term at a reasonable cost is achieved, few people are going to buy it.

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aviendhaJan. 13, 1212:00 AM

What planet are our legislators living on? It must be nice to make six figures to sit around with your thumb up your rear end and wonder how to convince millions of people to "save for retirement" when they're dealing with plummeting home values, vanishing jobs, rampant unemployment, pension funds that evaporate every time some major industry thinks they should be able to screw you out of the pension you worked 40 years to earn, 401Ks that lose half their value because the latest Wall Street Ponzi scheme crumbled, and politicians who tell us to our faces that millionaires shouldn't be "punished for their success" and that we need to bail them all out because they "create jobs" and we "need to stay competitive", but that we're "greedy and lazy" because we want living wages and affordable health care, and act like Social Security and Medicare are evidence of that greed instead of programs WE pay for, out of OUR paychecks, for OUR future benefit. AND YOU PEOPLE THINK ***WE*** NEED CONVINCING?!?!?! My God. Vote 'em all out. I've had it. I have simply had it.

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martiankingJan. 13, 1212:03 AM

So where am I to get this extra money to save? I am already forced to save for my retirement. My health care premiums increase faster than my pay raises. My out of pocket costs for my medical and dental keep going up. The prices I pay for food, clothing, gas, etc., keep going up. I most likely won't be able to ever retire. And if I get too sick to care for myself, and can't afford care, do I wind up on the street? Nice future we have to look forward to.

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BarryBenJan. 13, 1212:42 AM

It's Allll Well and Good That People Should Take Responsibility For Their Own Retirement and Health Care, Butttt Things Need To Change Soon to Improve On 10 Years of Negative Wage Gains for The Average Worker, and Without Fixing The Overall Corrupt Medical Insurance System, People Won't Even Begin to Have The Financial Wherewithal To Save The Money For These Necessities....

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westcentralwJan. 13, 12 1:20 AM

Only buy LTC insurance when you turn 60. When you turn 60, the probability of having to stay in a nursing home increases dramatically. According to the American Association of Home and Services for the Aging, 69% of people will need some form of LTC after age 65. No one likes thinking about it, but as people age or become ill, they might need help doing daily tasks like getting dressed, bathing, and more. Long-term care (LTC) provides people with those services. Unfortunately, long-term care is really expensive. Most health and disability insurance won't cover it but long-term care insurance will. Source:Daveramsey.com

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duckhook101Jan. 13, 12 4:55 AM

No way! I'm going to take a lesson from Obama and spend every penny I have, every penny I ever will have and then borrow and spend as much more as I can. Then I'll proceed to let somebody else worry about the aftermath.

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