Morningstar reporter Christine Benz has a profound understanding of the need for long term care (LTC) planning. In her August 2017 column she lists 75 solid facts about LTC insurance and the amount of care you might need. She acknowledges that it’s not a popular subject; there seem to be more questions than answers.
Facts About LTC Insurance
In an effort to provide more answers, Benz provides “the numbers”. For example:
6.3 million — the number of Americans who need long term care due to their inability to carry out simple, everyday tasks.
$30 billion — the amount spent on long term care in the U.S. in 1980.
$225 billion — the amount spent on long term care in the U.S. in 2015.
$217,820 — estimated end-of-life costs in the patient’s last 5 years of life, without dementia.
37 billion hours — the annual amount of long term care provided by family & friends in 2013.
70% — percentage of unpaid caregivers who suffer in their jobs due to their caregiving duties.
You can read the full list in the article.
NOTE: When you click through to Benz’s article, you’ll see that each of these numbers is linked to a reliable report or study.
Now that you know…
The decision to prepare for the uncertainty that is our future is a big one. It is my hope that the facts provided in this article help guide you to making a choice to protect you and your family. The need for future protection is real. Ignoring the facts only increases your risk, with huge, sometimes catastrophic consequences. This can affect your finances, your quality of care, your end-of-life comfort and the relationships among your surviving family members.
People do not want to admit that after a lifetime of independence, the last years of their lives could be spent needing help with everyday tasks. For the nearly 30 years of my career, none of peoples’ excuses to avoid a conversation about LTC planning have changed.
If you already own LTC insurance, kudos to you! This article will give you well-deserved peace of mind. If you have not already planned for your LTC, Ms. Benz and I hope you will take the facts to heart, and make decisive LTC plans, now!
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