The growing interest in long-term-care insurance can be attributed largely to the aging of America. According to the U.S. Census Bureau, the median age in the United States was 36.9 in 2011 — the highest ever. This demographic shift is due to the 76 million Baby Boomers, the last of which will reach age 65 by 2030.
The U.S. Department of Health and Human Services estimates that about 40% of people aged 65 or older have at least a 50% lifetime risk of entering a nursing home. At a time when the average cost of a private room in a nursing home is $192 per day — or about $70,000 annually — long-term care insurance can be viewed as a solid investment for those who have assets to protect or who want to avoid becoming a financial burden to their families.
Long-term care insurance is not life insurance, disability insurance or health insurance. Instead, long-term care insurance includes a range of nursing, social and rehabilitative services for people who need ongoing assistance due to a chronic illness or disability. Long-term care insurance can be used by anyone at any age who suffers an accident or debilitating illness, but it is most frequently used by older adults who need assistance with essential physical needs, such as bathing, dressing or eating.
We welcome the opportunity to schedule a meeting with you and discuss the best possible long-term insurance options for you. Please call us at 574-267-6766 if you have any questions.
Insurance products are offered through LPL Financial or its licensed affiliates.