According to the American Association for Long-term Care Insurance, the following are the top motivators that prompted current long-term care insurance policyholders to purchase their policies:
- 52.1% – planning for retirement or entering retirement
- 34.7% – influenced by an experience with a loved one who needed long-term care services
- 23.6% – protecting their assets
- 18.1% – security or peace of mind knowing future needs would be met
- 17.4% – avoiding being a financial burden to family
(above data based on telephone survey of long-term care insurance policyholders by the MGR Group)
As shared in this great infographic from AgeinPlace.com below, 75% of people over the age of 65 will require some type of life insurance, as people are living longer. The annual costs of care in nursing homes and at-home care provided by a skilled worker are rising every year at the rate of 5 to 8 %. Without long-term care insurance, 72% of Americans, unfortunately, find themselves impoverished after just one year in a nursing home, as Medicare does not cover all of the expenses that most people think it does.
Here Are 6 Reasons You Should Buy Long-term Care Insurance Today:
- To preserve your savings and assets;
- To help maintain your financial independence and possibly eliminate the need to borrow money for long-term care costs;
- To relieve family and friends of caretaking responsibilities so you do not feel like you are a burden to them;
- To allow you the freedom to choose where you would like to receive care (in a nursing home or at home);
- To ensure you are able to get a full range of the long-term care services that you may need from home health aides to adult day care to home delivered meals and much more; and
- To get the best price options for your policy; the longer you wait to get a long-term care policy, the more expensive it is.