This infographic created by the SCAN Foundation highlights the high costs of long term care – and the lack of confidence Americans have in their ability to pay for care. With statistics like this (and the fact that 70% of Americans over 65 will require care), it is surprising that many fail to consider long term care insurance. While no one enjoys thinking about the possibility of needing care, long term care insurance is most cost effective if purchased at a younger age. There are also more options than most realize, such as insurance hybrids that include long term care insurance and life insurance. These hybrid plans essentially guarantee that the coverage you pay for will be used during your life time, even if you are part of the 30% that won’t require care. Meet with an experienced elder law attorney to discuss if long term care insurance is right for you.
A recent Bloomberg View article explores the implications of General Electric’s multi-billion dollar losses from its long term care insurance unit and the challenge of caring for an aging population. In “What’s Bad for GE Will Be Worse for America”, the article opines:
Imagine purchasing a long term care insurance policy to protect against the cost of in-home, assisted living and nursing home costs and 20 years later, the insurance company has informed you of a significant premium increase. Now that you are in your late seventies and unable to purchase a new policy, you have really only […]
Protecting assets from nursing home expenses is an issue that I am frequently asked about. Sometimes it may arise after a heart attack, stroke or other concern. Other times it may arise after a loved one moves into an assisted living facility or nursing home due to Alzheimer’s. Whatever the motivation, it is topic that […]