Time Magazine just came out with a special edition entitled “The Science of Living Longer.” It has articles discussing what diet you should be on, why presidents live longer, whether married people live longer, etc. The overall theme is that we are living longer, having less children, and using the same cultural model for a retirement that is lasting much longer than it used to. And though we are living longer, we aren’t necessarily living that much better – yet. The issue is crammed with tips and scientific evidence backing those tips up. But for now, many people develop dementia, run out of money from long term care expenses, or require extra help that simply isn’t available.
So how does the long term care market keep up with a society that expects to live much longer, and have more people over the age of 65 than under the age of 18? Our answer to that question will always be to simply have a plan. Know the statistics, understand the odds, and formulate a plan.
Currently 15 million Americans are expected to need Long Term Care by 2050. Fifty two percent of people 65+ will need Long Term Care in their lifetime. Of all your friends, over half of them will require care. On average they’ll require care for 2 years. Think about your own family’s longevity and ailments. Genetics determines 20-30% of your life span. Did they require care later in life? Do you have people who could be your caretaker? Are you willing to be a caretaker for your partner?
If you’re curious how much care currently costs, visit LTC Consumer’s Cost of Long Term Care Map and click on your state. It will show the average annual cost for Home Health Care, Assisted Living, and a Nursing Home. Keep in mind these rates will go up every year. However, if you purchase a Long Term Care Insurance policy with inflation, the amount of coverage you have will go up every year as well. The national annual average cost for home health care is $50,336, assisted living is $48,000, and a nursing home is $100,375.
“The time is now to determine your need, your eligibility, and your financial ability.”
The statistics regarding long term care costs and use are overwhelming, the odds of needing care are staggering, and yet so few people have a plan. The time is now to determine your need, your eligibility, and your financial ability. Think about your retirement savings, your family history, and your wishes for your later years. Consider your partner and children’s’ ability to care for you, your current living situation, and what you’d want your care situation to look like.
Speak to a specialist today and decide if Long Term Care Insurance is the best option for you and your family. A specialist will also look at Short Term Care Insurance and our portfolio of hybrid products as well. They focus solely on long term care solutions and your specific story to determine the best fit for your family. Protect your retirement and your lifestyle by formulating a long term care plan today.