The thought of needing long-term care at some point can make anybody worry. With long-term care insurance costs and premiums continuously rising, it is important to be educated about the subject and all the types of options that are available to you. With the help of an independent agent, you can pick a policy that fits your needs and will cover you if/when that time comes. In the infographic below, you will find a variety of useful information about LTC insurance to get you thinking before you purchase.
SOME OF THE HIGHLIGHTS
70% of people over 65 will require some care at some point in their lives.
The projected average cost for 2 years of long-term care 30 years from now is $500,000. Today, the average per-hour cost of home care in the U.S. is $30 with per-day cost reaching $250. The 10 leading insurers pay nearly $11 million daily.
Mid-50s is the best age to buy LTC insurance. The average purchase age of group insureds is 47yrs. Over 23% of claim payments were for home care with the average number of visits per week reaching over 3. The highest cause of claims after age 65 is Alzheimer’s. 20% of people will need care longer than 5 years.