Long-Term Care Insurance
Medical advances and an overall increased prosperity have allowed Americans to live longer. For the past several decades, the life expectancy for Americans has risen. While many people stay healthy and self-sufficient well into old age, many people end up needing some form of long-term care during their lives. Also, it is important to note that old age is not the only reason to enter into long-term care. Only about 2/3 of individuals receiving long-term care are age 65 and above. Many other individuals of all ages require long-term care because of a sudden or chronic illness or an accident.
Long-Term Care Statistics
Living longer has led to many great benefits. However, it has meant that there is an increased need for long-term care. Consider some of the following statistics:
- In 1994, 5.5 million people needed long-term care, and in 2000 that number was nearly doubled, at 10 million.
- It is estimated that 27 million people will be in long-term care by 2050
- For those older adults who need extra assistance, many hope to be able to depend on friends and family to stay in their homes. Unfortunately, this places a significant stress on those who help, according to recent studies. Many of these individuals have children and work jobs, and providing regular assistance to another person is a physical, mental, and financial strain.
The idea of living in a long-term care facility is unappealing to most of us, but the fact is that more and more of us will have to live there, at least for some time. Perhaps the best tactic is to invest in making sure we are financially prepared for this possibility, and working while we are young to make sure that the care provided in such facilities is the best it can be.
Contact Us
Planning for your future may include purchasing long-term care insurance. For free, no-hassle California Health Insurance Quotes, contact Catherine Michaels Insurance Services at 888-875-9888 to make sure you and your family are prepared should one of you have to enter long-term care.