When Should You Start Thinking about Long Term Care Insurance?
Long-term care is a subject that not too many of us have started thinking about. But, how long should you wait before you do? Many people do not even fully understand the purpose of long-term care. By definition, long-term care provides for the day-in, day-out assistance that you might one day need if you contract a serious illness or become disabled and are rendered physically or cognitively unable to care for yourself over a period of time. Consider these facts about long-term care:
• After age 65, Americans have more than a 70% chance of needing some form of long-term-care. 1
• 77 million Americans will turn 50 over the next 18 years. That’s 1 person every 7.5 seconds. 2
• The average cost of nursing home care is more than $60,000 per year.3 By 2030, a one-year stay at a nursing home is expected to average an estimated $190,000. 4
• Nearly 20% of the population currently age 85 and older lives in nursing homes. 5 • Only about 40% of the elderly and near elderly believe that they or their family will be responsible for paying for their long-term care. Some mistakenly believe that public programs, including Medicaid and Medicare, or their own health care insurance will provide comprehensive coverage for the services they need. 6
Investing in a long-term care plan represents a significant step toward securing your peace of mind and financial security in the most important years of your life. To find out how you can benefit from long-term care insurance, simply call Jack Crane directly at 603-629-1524 for a free, no-obligation consultation.
1. American Society on Aging, 5/23/2003
2. CBS News - Census Bureau
3. MetLife Mature Market Institute, MetLife Market Survey of Nursing Home & Home Care Costs, September 2004.
4. American Council of Life Insurers, “Long-Term-Care Insurance, Protection for Your Future,” 2002
5. Wall Street Journal, 2/21/01
6. Testimony before the Special Committee on Aging, U.S. Senate, 9/13/00
Insurance products are offered by St. Mary's Bank.
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