About half of Americans who live to age 65 will need long-term care services at some point in their lives. The best time to plan for those costs is before you do so. After analyzing the numbers, Lam discovered that the average age of people entering care centers is 84, and their admission is often preceded by months of serious disability and intensified care at home, usually by unpaid family members. The vast majority of Americans will need some form of long-term care before age 65, and sadly, the cost of that care is increasing dramatically.
Therefore, it's usually best to have a plan to cover these types of costs before the need for long-term care arises. That's where long-term care insurance comes into play. According to the American Long-Term Care Insurance Association (July 2012), 51% of women age 65 and older will need paid long-term care. Meanwhile, 39 percent of men over 65 will need this type of attention.
A knowledgeable financial advisor can help you plan ahead to address your long-term care costs along with other expenses. This type of coverage gives you the freedom to choose the type of care you want while protecting your dignity, assets and loved ones. The cost of covering long-term care can vary greatly depending on the type and amount of care you need, which also affects the best place to provide it. Therefore, the total time they received assisted living care, at home and then in a facility, could easily exceed 3 years for many people. Long-term care insurance offers an affordable way to prepare for the high cost of care you may face later in life.
He is also studying the role of dementia in the decision to transfer a person to a long-term care facility. When you buy long-term care insurance, your health is an important factor in accessing coverage. Finally, older women face financial difficulties that may limit their ability to independently afford the long-term care services they need. As Deputy Director of the Insurance Solutions Department, Stephanie is responsible for the development and positioning of Northwestern Mutual's long-term care and disability income insurance products. It's important to note that long-term care usually doesn't include medical care or treatment of the underlying illness or injury.
Not only does your age influence your access to long-term care insurance, it's also a factor in the premiums you pay. Because it involves the loss of independence, most people don't want to think about needing long-term care. Finally, data from 2024 from the Population Reference Office show that the percentage of the elderly population (aged 65 and over) is increasing and that people with chronic diseases and disabilities are living longer, contributing to an even greater demand for family and paid caregivers.
