75 Percent Of Seniors Will Need Long Term Care Insurance
Seventy-five percent of individuals over the age of 65 will eventually need some kind long-term care service in their life. And the average national cost of long term care for just one year is about $60,000 (and some places can even go as high as $100,000!). However, those 75 percent of senior citizens who will need long-term care don’t have an extra $60,000 just lying around.
So while most people will probably grow to need some kind of care at some point in their lives, it’s probably a good idea to invest in long-term care insurance now. Long-term care insurance will relieve individuals of the financial burden that comes with much-needed long-term care. However, not everyone can or should buy this insurance. A recent InsuranceAgents.com, “Long Term Care Insurance: Is It For Everyone?” breaks down who ideally should buy this insurance.
“Long term care insurance covers the expenses for those who will need special care and attention in their later years, particularly for their daily living activities or medical needs,” according to the article. “One of the big factors in determining who needs or doesn’t need long term care insurance, however, is finances.”
Paying the premiums for long-term care insurance can be a financial burden, which is why individuals in better financial situations are better candidates for long-term care insurance.
For example, most people want long-term care insurance so they will able to maintain their independence and continue to live without physically or financially burdening their family members. But those with a steady income and a sizeable amount of assets are best-equipped to have this insurance.
Unfortunately, people without the financial ability to afford long-term care premiums, who don’t have a steady income (or whose only income is Social Security), and have limited assets may not be able to afford long-term care insurance.
However, no matter which category a person falls under, they should first talk to a financial professional or a licensed health insurance agent. They may be able to find low rates that fit into the person’s budget.
For more information on the importance of long-term care insurance and how to find quotes, visit InsuranceAgents.com.
staff contribution: Meha Ahmad
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