Cann says this is why the federal government, as well as many financial advisors, including people like Suzi Orman and Terry Savage, are recommending long-term care insurance. The risk of needing care is the single biggest involuntary risk we face in our lifetime.
Other studies place that figure even higher. “The fact is, as medical science gets better and better, we all live longer and longer. Things that used to kill us right away, don’t,” he said. Author and long-term care expert Phyllis Shelton says the article shows zero awareness of the stress that families suffer every day with home caregiving and ignores all the statistics from think tanks like The Conference Board which projects that elder care is almost ready to replace child care as the #1 dependent care need in America in the next few years.
Census Bureau) and twelve percent of caregiving families use money allocated for college funds and 26% use money set aside for retirement (John Hancock study as reported in the Journal of Financial Service Professionals, 9/99). McCann added that a lot of people think that only senior citizens need to worry about long term care, so we put off preparing for the possibility.
Responses to 'Consumer Reports article on long-term care insurance “out of touch” with reality.'