By 2050 around 15 million Americans are expected to need LTC. 2050 sounds pretty far away, right? It’s the same number of years from now as 1988 was. Time flies. Currently 52% of people 65 and older will need LTC in their lifetime. So, in your group of friends, more than half of you will require assistance.
“52% of people 65 and older will need LTC in their lifetime.”
If those numbers didn’t make you think twice, let’s talk money. Currently the national annual average cost of an assisted living facility is $48,000, while the median annual income for people 65 and older is a mere $22,887. If the care needs are even greater, and a nursing home is needed, the current national average cost for a private room is $100,375. Yikes! What’s making up that income difference? Pension, 401K, savings, family members? If you had an LTC policy to pay some of those expenses, then you could hold onto those retirement savings.
If your story isn’t that you require LTC, perhaps it will be that you provide care of some sort. 37 billion hours of care are provided by caregivers, unpaid. That makes for an estimated $3 trillion in lost lifetime wages due to caregiving responsibilities. Please note that those two sentences said billion and trillion, not million. Could you afford a loss of income if you had to provide care? Should your children or spouse miss work to care for you in the future?
“37 billion hours of care are provided by caregivers, unpaid. That makes for an estimated $3 trillion in lost lifetime wages due to caregiving responsibilities.”
At LTC Consumer we help families create a plan. Maybe you do have enough saved up, or maybe you have a large inheritance coming. However, for the rest of us, there are options. Our specialists will help you explore LTC, short-term care, and hybrid options. They’ll work with you to determine what sort of premium you can afford a year, how long you’d like coverage, and how you need the plan to work for your family. They compare the top insurance carriers, show you quotes and stats in the comfort of your own home using screensharing technology, and meet around your schedule and availability.
If you have questions about your age, health, income, smoking or drinking habits, retirement goal of retiring in Costa Rica, or even how to prevent your mother-in-law from having to move in, we have answers. Our specialists focus exclusively on LTC planning and have heard hundreds of scenarios. Don’t delay any longer, request a quote today and get peace of mind knowing your family and your retirement are protected.
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