U.S. Congress has formally designated November 4-10, 2007 as Long Term Care Awareness Week. Citizens of all ages are urged to learn about the potential risks and costs of long term care, and the options available.
A study by America's Health Insurance Plans (AHIP) shows the average annual nursing home cost to be approximately $75,000. The group estimates that cost could increase to a whopping $207,000 by the year 2030! Those kinds of numbers could cause serious damage to any well-executed retirement savings plan.
Sadly, an estimated 91 percent of adults over the age of 55 have yet to purchase long term care insurance.
So, even though life insurance gets a whole month (September) for awareness and long term care insurance only gets one week, we should not underestimate the importance of the latter.
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