Boustany Praises Retirement Security Awareness for Southwest Louisiana

Press Release

Boustany Praises Retirement Security Awareness for Southwest Louisiana

Washington, D.C. - U.S. Representative Charles W. Boustany, Jr., M.D., (R-Lafayette) today praised passage of Long-term Care Awareness Week highlighting the importance of retirement security for all Americans, especially those in Southwest Louisiana.

"Families across Louisiana have been blindsided by the coverage limits for long-term care once a loved one needed these services," Boustany said. "Ensuring retirement security helps to ease the anxiety millions of Americans currently face. I will continue to bring public attention to long-term care insurance."

Long-term Care Awareness Week, H. Con. Res. 133, was co-sponsored by Boustany along with 27 colleagues. The measure expressed support for an emphasis on educating Americans for the need for long-term care planning as a part of an overall retirement strategy.

Long-term Care Awareness Week follows decisions by U.S. Department of Health and Human Services Secretary Mike Leavitt and Social Security Administer Michael Astrue to include warnings of Medicare and Social Security's lack of long-term care coverage. Boustany requested both agencies take a lead in educating the public, and after Boustany's letters, Leavitt and Astrue agreed to add statements to HHS and Social Security direct mailings. The long-term care information included by the Social Security Administration will reach more than 143 million Americans age 25 and older.

According to HHS, 60% of Americans will need long-term care at some point during their lifetime, while the nation's elderly population is expected to increase in size by 250% in 35 years. In addition, a recent survey sponsored by Genworth Financial found seven out of ten respondents had no long-term care plans for themselves or their loved ones. The survey also found a majority of Americans want federal leaders and candidates to discus this issue with voters. Currently, the average cost of a private nursing home is roughly $75,000 per year, a staggering amount that leaves many Americans clearly unprepared.

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