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 severe 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.