According to LTC Almanac; Part I, 74% of consumers aged 55 – 65 said they are concerned about needing long-term care. And their concern is justified. The Department of Health and Human Services estimates 70% of Americans over age 65 will experience a chronic illness and require some type of long-term care services during their lifetime. We may find ourselves needing help some day and be adamant that the children won’t be caretakers, yet have no plan in place to pay for professional help
There are options – Medicare or Medicaid, Self-Insurance, Long Term Care policies, or life insurance policies that are linked to long term care coverage. But how do you go about assessing whether you have the right coverage?
Here are some facts that can help you be more informed about choosing the coverage you need to assure that you can age the way you want and where you want – especially if that place is in your own sunny bedroom:
- The average length of long-term care claims is nearly four years
- Alzheimer’s is the leading cause of claims for those aged 65+ – average life expectancy of an Alzheimer’s diagnosis after age 65 is between 4 – 18 years
- Cancer is the leading cause of claims below age 65
- The average stay in an assisted living facility is over 2.5 years and nearly 2 years for nursing home stays
- The average monthly cost in a nursing home is nearly $10,000/month
November is Long Term Care month. If you are part of the 74% concerned about your care in future years – now is the time to explore your options for the right coverage and peace of mind. Aging is inevitable. Losing control of the life you have built is not.
