You are here

Home :

Infographic: Do you need long-term care insurance?

Infographic: Do you need long-term care insurance?
Date Published: Jul 04 2012

Seventy percent of people who reach the age of 65 will need long-term care at some point in their lives. Is long term care insurance right for your financial situation, or is a savings and investment strategy best for you? Take a look at the information in this graphic to help make your decision.

Do you need long term care insurance? Long-term-care insurance covers the costs basic daily needs for those with chronic illness or disability. of 313 million Americans 8 million have long-term care insurance, 78 million are Baby Boomers Average baby boomer will live male: 74.1 yeras and female: 79.5 years 70% of people who reach age 65 will need long-term care services at some point in their lives $20 (average) for 1 hour of home-health care $87,000/year average for private nursing home Medicare doesn’t pay for extended periods of custodial care. 3 common options for long-term care payment Long-term care insurance Investment accounts Home equity, reverse mortgage, selling home Typically covers 3 years of care High premiums of $1-$3k and more per year depending on when you buy Generally, unless you have a very large amount in liquid assets squirreled away and you don’t mind spending a significant chunk of it on long term care for yourself, and spouse, partner, or disabled other loved one, long term care insurance is a good thing.

Sources

NPR
Forbes
About.com
publications.usa.gov
CBS News
Wall Street Journal
Wait! You’re not going to hire a service provider without checking Angie’s List first are you? Join Now!

More Like This

No formula for long-term insurance needs

Seventy percent of people who reach the age of 65 will need long-term care at some point in their lives. Is long term care insurance right for your financial situation, or is a savings and investment strategy best for you?

Comments

Submitted by Cloud Software ... on Fri, 2012-11-16 07:18
This is actually some really good information that I will be able to use thanks

Add comment

Anonymous reviews are Internet graffiti. Angie's List has real reviews from real people.

What is Angie's List

Angie’s List is the trusted site where more than 2 million households go to get ratings and reviews on everything from home repair to health care. Stop guessing when it comes to hiring! Check Angie’s List to find out who does the best work in town.

Local Discounts

Daily deals up to 70% off popular home improvement projects from top-rated contractors on Angie’s List!

Powered by Drupal