8 Stats About Long Term Care Insurance You Can't Ignore
- By Warren Yancey
- January 7, 2016
Denial is the biggest reason clients don’t purchase long term care coverage. Younger clients don’t believe they will ever need it. Older clients don’t believe they will be able to afford LTC coverage premiums or medically qualify.
Millions of Baby Boomers are turning 65 years old every day and we are experiencing the largest shortage of caregivers in U.S. history.
Now is the time to plan for care.
Consider these statistics:###
- 3% of Americans over the age of 18 have long term care insurance.
- 70% of people over the age of 65 who will needs some form of LTC at some point in their lives.
- 15 Million people are using health care or nursing home facilities as of 2010.
- 27 Million people are expected to be using health care or nursing home facilities by the year 2050.
- 47% of people have considered the possibility of needing long term care at some point in their future.
- $81k is the average annual cost of a nursing home facility.
- 26% of people feel that they are adequately prepared to handle long term care expenses that may occur.
- 80% of LTC discussions are initiated by clients, NOT their financial advisors.
With so many Americans requiring long-term care services at some point in their lives, designing an LTC plan has become an important part of retirement planning.
By starting a conversation with your clients earlier in their life, the two of you can work to create a solution before this problem ever occurs.
Offer your clients a sense of security and save them from the stress of losing too much of their savings, having to settle for subpar care, or burdening their families by talking to them about LTC insurance possibilities today.
Your clients are heading towards a cliff if they don’t start planning for extended care.
Learn how you can help them in our upcoming webinar.