How Much Do You Know About Long Term Care?
According to the statistics of the U.S. Department of Health and Human Services, the elderly population aged 65 and older is expected double to 70 million but only a fraction of this number is ready to face the high cost of care. Obviously, 3 in 4 need more real life situations that are relevant to long term care (LTC) in order to be motivated to get a good plan for their future health care needs.
Ideally, long term care insurance (LTCI) policies should be purchased between the ages of 45 and 64 according to the 3in4 Association, a nonprofit organization which aims to supply more information about LTC to a hesitant nation.
Based on a research conducted by the 3in4 Association, 82% of the population belonging to the 45 to 64 age bracket has not purchased an LTCI policy yet, let alone taken precautionary steps to achieve a definite plan for their future health care.
Experts on the field of LTC planning definitely have to exert more efforts to convince the aging folks to secure an effective plan lest they fall into the financial hole and create a ripple effect on their families.
Long term care costs can wipe out all of your assets in just a period of one year from the time that you acquire care. Without a specific plan on how to foot your LTC expenses, there is no doubt that you will tap every available resource even the money that you have put aside for your children’s college education.
3 in 4 Need More Planning Options
There are many ways that one can plan his LTC. Among these are reverse mortgages, annuities, retirement savings, Social Security, and LTCI policies among others.
Studying each of these options though will take you to the realization that it’s only LTCI policies that can help people preserve their assets. Others will help you cover your LTC expenses all right but in exchange of something.
LTCI does not require anything else other than you pay your annual premiums religiously, as this will make up the funding which shall enable insurance firms to pay the claims of qualifying policyholders.
While the older folks seem hesitant to invest in LTCI policies, younger people such as those in the 25 to 44 age bracket seem to express more interest. According to eight out of 10 professionals who are in their early 30s, they’ve been spending time reading a lot of materials about LTC because they don’t want to end up like their parents.
Many hardworking baby boomers have lost their assets to the LTC expenses of their parents and now they are not sure if they can afford the cost of care what with their limited savings. They could’ve spared themselves from this predicament had they planned for their LTC needs long before their parents required care.
Some baby boomers approaching the age of 70 don’t deny that they have not completely closed their doors on LTCI, but 3 in 4 need more scenarios that will prove an LTCI policy is their only salvation.
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