The Risk of Long Term Care
According to the U.S. Department of Health and Human Services, about 70 percent of the people over age 65 will require some type of long-term care during their lifetime, and more than 40 percent will need care in a nursing home and a 20% chance of staying there for at least 5 years.
According to New York Life Insurance Company:
- Over 50% of us will need some form of long-term care at some point.
- Long-term care can drain a family of everything.
- You can buy long-term care insurance, or pay your expenses out of pocket, or impoverish yourself and get government assistance.
Another study compared the chances of filing bankruptcy from various causes. As you can see that almost 100% of responsible people have auto and house insurance, but overlook having a critical Long Term Care policy.
- Long Term Care 1 out of 2 or 50%
- Automobile Accident 1 out of 240 or .4%
- House Fire 1 out of 1,200 or .08%
The chances of needing Long Term Care at various ages are:
- Person 65 years old or older 49%
- Person 85 years old or older 56%
Considering these alarming statistics, consumers who want to protect their hard earned assets or ensure that they and their loved ones are taken care of should seriously consider purchasing Long Term Care insurance.
Long Term Care USA is dedicated to help you find the right balance of insurance so your family won’t be included in the statistics above. Just click below and take a couple of minutes to fill out the form to receive your confidential quote by mail and that you can analyze in the comfort of your own home.
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- Price comparison quotes from all the top insurance companies in the USA, including their financial profile, size, and A. M. Best ratings.
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