Are You Aware of Long Term Care?

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites...

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UPDATED: Feb 25, 2020

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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.

 

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