Long-Term Care Insurance: 5 Must-Know Statistics for 2017

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Long-Term Care Insurance: 5 Must-Know Statistics for 2017

Long term care is a type of insurance that is often overlooked. However, this insurance can make a dramatic difference if you ever need long term care. A few statistics to consider:

1. 88% of caregivers say that their household income is reduced by an average of 34% because of household member’s disability and need for care.

A need for long term care does not just cost money out of pocket; it also leads to a reduction in household income.

2. Nearly half of all people who are 40 or over say that they will someday need long term care. Only a third have set aside funds for it.

A policy costs far less than savings.

3. Seven in 10 individuals over 65 will require some form of long term care at some point in their lives.

Most people will need this sort of care, but few have prepared for that.

4. The projected cost of long term care within the next thirty years will be $750,000 for three years of care.

Costs of this magnitude can quickly drain an individual’s savings.

5. The cost of long term care far exceeds the cost of long term care insurance.

Someone who put an amount equivalent to the cost of a long term care premium into savings every month for 22 years would save enough for six months of care. Someone who put the same cost into premiums would have coverage that could pay for over three years of long term care.

 

Is long term care coverage missing from your plan from the future? It is not too late to correct this. By finding a policy to defray the costs of long term care, you can ensure that you and your loved ones are able to get the best care possible without compromising your financial security. Get in touch to learn more today.