Earlier this year, Kirsten Simon attended the Low Load Insurance Conference in Tampa, FL. She brought back some useful statistics regarding long-term care that we wanted to share with you as D3 begins the annual insurance review for all of our Affordable Family Office clients this month.
One of the key points that Low Load Insurance Services stressed was the importance of carrying long-term care insurance so that children do not unexpectedly end up being caregivers for their parents. Out of the children of parents needing long-term care surveyed, 65% said they missed work providing care, 53% had a loss of income due to providing care, 46% said providing care had an impact on their personal health and well-being, and 37% said their spouse/partner relationship was negatively impacted.
The statistics on those needing long-term care are staggering in general. 44% of men and 58% of women will need long-term care. One in three seniors will die with Alzheimer’s or dementia. After age 65, there is a 72% chance of needing long-term care for women and 44% chance for men. This translates to there being a higher chance of needing long-term care than your home burning down or being in a severe car accident. Most of carry homeowners and auto insurance willingly without thought.
It’s also important to keep in mind that the longer you wait to purchase long-term care insurance, the most expensive it is and the harder it is to qualify. Age 55 is considered the ideal age to purchase long-term care insurance.
Incorporating the potential need for long-term care when evaluating your financial plan is crucial. If you are unsure if you need long-term care insurance or have any other insurance questions in the context of your financial situation, give our office a call to speak with someone on staff.