If you are considering a long term care policy in 2018, it’s important to understand some of the major trends and statistics in industry. Below you will find 5 long term care statistics that speak to the current state of the industry, and may even help convince you to finally establish your long term care plan in 2018.
Health care is among the largest costs for retirees and the cost of care has been steadily increasing. Long term care insurance can help retirees protect retirement income by covering long term care needs.
Home health aide services are at-home services for occupational, physical, respiratory, speech therapy or nursing care. You can read more about the different types of care here.
Personal care offers assistance with everyday activities, such as bathing, dressing, grooming, using the toilet and eating.
At an average cost of $132,000 per year and a max cost of $394,000 per year, long term care insurance must be considered if you or your loved ones think semi-private nursing home care could be an option in the future.
There is never a perfect time to buy insurance but, when it comes to long term care, you can save big by acting early. With these statistics in mind, consider taking a closer look at long term care insurance in 2018. It could be the difference between financial security and mounting expenses. Get in touch with Schneider & Shulman Associates’s long term care specialists to learn more today.