While 60% of people who will need long term care services are 65 or older, 40% are working age adults between the ages of 18 and 64. This according to the GAO.People of any age can develop serious conditions that require assistance with routine daily activities for an extended period of time and such help is very costly. Long-term care insurance can help cover the cost of this care and protect a families assets.
By the year 2030, it is estimated that the cost will be $190,600. In 2000, the average cost for assisted living facility was $25,300. By the year 2030, the average annual cost is projected to be $109,300. Costs also vary based on the level of assistance you need.
Remember, LTCI will pay for not just nursing homes. Assisted living facilities, adult day-care, as well as homecare are covered by most good plans,” McCann said.Perhaps the biggest disservice written in the Consumer Report’s article is suggesting a person wait till age 65 to purchase LTCI. “You can only get a policy if your health is fairly good at the time of application. Once you have a stroke, become an insulin dependent diabetic, or suffer from memory loss, it is too late. Again, most of my clients (some 400+ each year) start looking at this in their late 40’s and early 50’s.
Responses to 'Consumer Reports article on long-term care insurance “out of touch” with reality.'