Katie O’ Rourke
Managing Partner
There are two main reason why so many people that are planning for their retirement years tend to ignore the need for purchasing Long Term Care Insurance. One is lack of education and the other is denial of their likely need for care.
Some facts and figures from the insurance industry and the Department of Health and Human Services can help people find out if long term care insurance is worth it and the right time to learn about options:
- 79% of the people purchasing Long Term Care policies are between ages 45-64
- 99% of buyers keep their policy for the rest of their life
- 49% of people receiving long-term care do so in their own homes
- Another 24% get funds for Assisted Living Facilities
- Each year the percent receiving insurance funds for home care services increases
- Only 9% of baby boomers have planned for their Long Term Care needs
- 70% of those over the age of 65 will need long term care in their lifetime
- 71% of the benefits are paid to females
- 67% of unpaid caregivers are female
- 67% of the people who plan to have a loved one provide care have not ask the loved one to take care of them when the need arises
- The number of Americans 65 or older will double over the next 35 years
The most eye opening long-term care statistic we found is the fact that 70% of people age 65 and older will need some form of long-term care services, either in their homes, in an assisted living facility, or in an acute care facility.
So if you are asking is long-term care insurance worth it… you need to consider if you will be part of the 30% who get lucky enough with their health and genetics to not require the $2,000 to $8,000+ per month in medical expenses the other 70% find they will need.
Most people do not realize how many options they actually have available to them when it comes to long-term care insurance planning. That is why when they get the facts, as the statistics prove, 99% of buyers do keep their policies for life.
You can get the facts today with no cost and no obligation and find out if long-term care insurance is worth it to you, your family, and your future.
Contact us directly and let us help you get the facts.
