Considering that 70 percent of Americans who reach age 65 will need such care at some point in their lives, according to the U.S. Department of Health and Human Services, these findings show how financially vulnerable many people are without a long-term care plan.
Released to coincide with Long-Term Care Awareness Month in November, the LIFE survey found that most adults recognize the reality of needing long-term care services:
* Sixty-one percent say they are concerned that they will be responsible in the future for providing either financial assistance or personal care to a loved one who needs long-term care services.
* More than half of all adults (58%) think it is likely they will need long-term care services at some point in their lives.
While adult Americans recognize the risk, few of them, according to Deb Newman, CLU, ChFC, LTCP, president of Newman Long Term Care and spokesperson for LIFE, own long-term care insurance to guard against this risk.
"On average, the cost for long-term care services is roughly $70,000 a year. In today's tough economic environment, most people have far less money available to pay for these services, and it's likely they will need them," says Newman. "Long-term care insurance guarantees that you will always have the financial means to afford the kind of care you'll need and prefer."
Since shopping for a long-term care insurance policy can be complicated, LIFE recommends people meet with a qualified insurance professional who can walk through their options and help them find a plan that meets their specific needs and budget.
