A recent MarketWatch.com article reporting on a study by the LIFE Foundation which revealed that while many Americans are aware of the high cost of long-term care services and the need to purchase a Long Term Care Insurance policy to meet those costs, the levels of policy ownership remains low. It is estimated that around 8 million Americans have Long Term Care Insurance while more than 100 million Americans are over age 50 and thus in the age group who most urgently need this type of insurance, especially given that the Department of Health and Human Services estimates that 70% of all Americans over age 65 will need some form of long-term care. So, why aren’t Americans taking the knowledge they have about the urgent need for Long Term Care Insurance and turning it into action by adding this type of insurance to their retirement portfolio? Let’s unpick this fact by examining the main reasons why Long Term Care Insurance is such a solid financial planning decision for you and your family’s future.
Though few have purchased a policy, the LIFE study shows that most are aware of the following key reasons why providing for your future long-term care needs is so important:
Chance needing long-term care is significant
- 70% will need long-term care after age 65
- Most Americans recognize this fact but little act on it
Cost of care is very high
- Average annual cost of a nursing home stay is $78,000
- Most Americans in the survey estimated between $58-88,000
- Few can pay out-of-pocket an amount like $78,000 per year
Length of care will in years, not months
- Average length of long-term care is 3 years
- Most Americans surveyed were right on target at 3 years but still few have purchased a policy
November is Long Term Care Insurance Awareness Month. Why not start planning today for your future long-term care needs? Here are the top 3 questions that most Americans have when considering a Long Term Care Insurance policy:
- When should I buy a policy? Answer: The earlier the better, preferably in your 40's or 50's while you’re still young and healthy.
- What types of long-term care services are covered? Answer: Everything from nursing homes to assisted living facilities to adult day care as well as in-home health aides and other types of care. Options vary depending on your policy so speak with your agent or contact us here at LTC Tree and we’ll be glad to assist you.
- Where can I buy a Long Term Care Insurance policy? Answer: You should only buy from a reputable company with experience in long-term care such as LTC Tree.
Are you ready to act now on the knowledge that you need to prepare for your future long-term care needs? Do you need help navigating the many choices and options in Long Term Care Insurance plans? There is no need to be put off by the complexity and range of options when considering a Long Term Care Insurance plan. Turn your knowledge of long-term care into action today and start planning for a peaceful and secure retirement by purchasing a Long Term Care Insurance policy. LTC Tree can help you find a plan that is right for you, no matter your age or financial status. Simply fill out this form to get started. Thanks for reading today's blog. We really appreciate it.
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