Why do people not plan for long-term care?
Despite the looming reality of long-term care expenses, many adults remain uninformed about proper coverages - such as Medicare and Medigap plans. Unaware of its potential necessity or simply unable to shoulder the cost at present, a large portion neglects securing LTC coverage while focusing on more imminent needs.
What percentage of seniors are likely to need long-term care?
As someone reaches their 65th birthday, they are likely to face a life full of ups and downs. But one thing is for certain – almost 70% of seniors can expect the need for long-term care services as part of this journey. While each individual's situation will be unique, on average women may require three years more support than men in later stages of life.
What Is Long-Term Care Insurance?
With the high and rising costs of long-term care, LTC insurance can provide much-needed financial security. It acts as a safety net to pay anywhere from $62K up to over $100k per year in nursing facility expenses or for 44 hours of home health assistance each week. For many people facing these costs, investing in an appropriate policy may be essential for protecting their finances against potential medical bills down the line.