As you age, it is vital to plan for your eventual need for long term care. None of us are immune to real life experiences such as the death of a friend, major job transition, or a life-threatening illness. Despite this fact, 65% of older adults have no long-term plan. Life planning is essential to navigating personal and financial challenges.
The baby boomer generation, currently between the ages of 45 and 65, has experienced more change in their lives than any generation before them. They must be caregivers, adapt to job changes and loss, and face their own health issues. Due to the current economic climate, 50% of mature workers have less than $80,000 saved and see their retirement moving further away.
These long-term care statistics from the American Association for Long-Term Care Insurance show the importance of planning for the unexpected.
90.7% of new claims were opened by those age 70 or older
31% of claims were paid for home care
30.5% of claims were paid for assisted living services
38.5% of claims were paid for nursing home care
At times, applicants can be declined for coverage. Being proactive is critical!
Applicants declined coverage
Age 80 and up
Age 50 and under