I read an Associated Press article by Alejandra Cancino and thought I’d share it. It states that the demand for long term care is expected to increase as the nation ages, but the majority of Americans 40 and older lack confidence in their ability to pay for it.
The article goes on to mention that a poll says about 4 in 10 don't think they will ever need long-term care. However that mindset runs counter to figures from the U.S. Administration on Aging, which says nearly 70 percent of people turning 65 will need help with daily activities in their golden years.
The survey they referred to found that nearly 4 in 10 respondents mistakenly expect to turn to Medicare, which doesn't pay for long-term care.
Long Term Care insurance can be expensive depending on your age, health, etc., but the alternative of self-funding for Long Term Care costs can turn out to be much worse and a great deal more expensive than you think! Also self-funding Long Term Care costs can certainly turn out to be a whole lot more expensive than what the total Long Term Insurance Policy premiums would have added up to, if you would have just purchased a Long Term Insurance Policy policy in the first place!
It is important to apply for Long Term Care Insurance while you are relatively young and healthy, since the younger and healthier you are, the lower your premiums will be for a comparable policy. If you wait until you are older to apply for Long Term Care Insurance, the greater likelihood your application could be denied.
Contact me at 941-404-5334 to discuss your Long Term Care plans and/or start the process of getting you insured.
Unfortunately the original web link below points to a web page is no longer valid:
http://www.apnorc.org/news-media/Pages/News+Media/Poll-People-unsure-about-ability-to-pay-for-long-term-care.aspx
Source: The Associated Press-NORC Center for Public Affairs Research
Contact me at (941) 404-5334 to discuss your long term care options and/or get you started on the right track of getting yourself insured.