The Wall Street Journal states, "..a couple turning 65 has a 75% chance that one of them will need Long Term Care. At this rate an entire family can be affected, placing the children at risk of a negative inheritance."
Over the next several weeks, I'm going to provide information that will hopefully, give you a better understanding about Long Term Care Insurance, who needs it, how it works and your options. If you don't think this is something that is relevant to you, keep this in mind. Every day in the United States alone, 10,000 baby boomers turn 65. The U.S. Census Bureau estimates that the number of centenarians, people who live to be 100, rose from 2,300 in 1950 to nearly 80,000 in 2010, and will exceed 600,000 by 2050. And according to the Society of Actuaries, a 65-year-old couple now has a 31 percent chance of at least one spouse living past the age of 95. The odds of a person needing Long Term Care in a nursing home increase with age. Some statistics state that 36% of those that are 45 or older will be affected, 49% for those 65 or older and 56% for those 85 or older will need some type of long term care.
We all have a Long Term Care plan, even those that don't pay for long term care insurance. There is a "plan", the problem is that the most of us don't know what that "plan" is until we need the care. When that happens, the impact on the family can be significant.
Follow my blog as we dig deeper into this issue and and I explain the solutions to this growing need.