More than half the nation’s population will spend time in a long-term care facility at some point in their lives, research shows. Unfortunately, very few people carry long-term care insurance.
Long-term care insurance is perhaps a necessity for the nearly one in five Americans nearing retirement age. To find out if you’d benefit from purchasing long-term care insurance, consider the following:
1. Do you or an immediate family member have a family history of Alzheimer’s disease, stroke or other condition that might make it difficult or even impossible to remain at home?
2. Can you financially afford an average of $50,000 or more for the annual cost of caring for a loved one in a long-term care facility? Experts expect the annual cost of care to rise faster than the rate of inflation and rapidly approach the $75,000 per year limit. By 2030, the average cost is expected to reach $300,000 per year – far beyond the reach of most retirees.
3. Can your children or family members afford the time and cost of providing in-home care, including skilled services for special needs? If not, long-term care insurance provides the protection you need to avoid becoming a financial burden on your loved ones. Remember, nearly one of every five workers will become disabled before retirement age, and more than 50% of people over the age of 65 experience some form of debilitating disease or illness that impedes their ability to perform normal activities of daily living.