You should know what long term care insurance is and how it works.
This can be very challenging unless you turn to an expert. The basics are very clear. Anyone experiencing a stroke, Alzheimer’s, Parkinson’s or elderly illness very well knows the severity and financial tragedy that all of these conditions and it is inevitable that care is needed.
Were getting older and living longer.
Many years ago, an Ancient Greek lived until the age of 18 and the average life span was 33 for a Puritan. Today, the average life expectancy for men is 75 years and for women it is 84 years. More than half of all Americans will spend an extended amount of their lives in some kind of long term care and need insurance coverage.
By the year 2030, one in every 5 Americans will be a senior citizen and this does include baby boomers.
Today, we are living much longer and healthier lives, thanks to changing our diet, better medical care as well as safer working and living environments. Everyone is affected by aging and the effects often result in lower mental or physical ability. With so many Americans living with aging conditions, there is definitely the need to consider long term care insurance. It may be hard to believe, the risk for needing long term care and coverage is climbing every year.
Insurance actuarials believe you are at greater risk if you:
- are older
- a woman
- single
- have a poor diet
- do not regularly exercise
- smoke
- involved in risky physical activities
- have a family history of stroke, arthritis, Alzheimer’s or other degenerative diseases.
In 1994, over 7 million Americans needed long term care and it cost on average of $43,000 each year for each person. By the year 2000, it increased to 9 million at almost $45,000 per year. Today, this number is near $75,000 for each year and by 2030 those needing long term care will increase to an unbelievable 23 million Americans. IT is projected that cost will reach $3000 yearly for one person’s care.
