August 1, 2014
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:
(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.