Lately, there are increasing reports of the effects of inflation throughout the economy.  But one often overlooked corner of the economy is long-term care.  An important part of any financial plan includes long-term care insurance, but how can you plan if the numbers keep changing?

Here are some of the recent facts and figures released in a recent Genworth survey of long-term care costs across the country:

• Costs range from $45,000 in Louisiana to $187,000 in Alaska.  Some remote areas can have extreme cases where costs are much higher than even the next market-over.  Try to think of where you plan to stay and remember that staying in some remote areas may be cost prohibitive.
• It is recommended that clients look into long-term care insurance when they are about 50.  The premiums are still reasonable.  Currently long-term care insurance has about a 7% penetration in this market, with 1/3 of the clients using their policy for a claim.
• Some Genworth policies are starting to pay for family members to care for loved ones, as the long-term care workforce is not growing as fast as demand.

With the baby boomers set to retire and need long-term care in just a few years, there is an obvious worry that there will not be enough manpower to service the needs of all those requiring care.  For this reason, it is important to have all of the resources you may need to get care, including the financial boost of a long-term care insurance policy.