The Odds are Stacked Against You!
According to the U.S. Department of Health and Human Services, once you reach the age of 65, there is a 70% chance you will use some form of long-term care during your life. In fact, long-term care is the largest single risk you face during your retirement years. Not only does it have the potential to be a devastating financial burden, it can also put a physical and emotional burden on the people you care about most.
Cost for care can range from $25 per hour for an in-home healthcare worker to over $20,000 per month for a special memory or Alzheimer’s clinic. Because of the growing population of Baby Boomers, long-term care costs are expected to outpace inflation for the foreseeable future. (Between now and 2032, nearly 10,000 people a day will turn 65)
Cognitive claims are the fastest growing area for long-term care and comprise over 40% of all new claims.
Many people believe they are going to live a fulfilling life and then simply go to sleep and take their last breath at the end. The reality for most people is quite different.
Medical advances are helping us live longer, and many of us will face years of declining ability due simply to the fact that we are getting older. This makes the risk of needing assistance from others grow with every new birthday we celebrate. Currently, there over 12 million adults living in long-term care situations, and that number is expected to more than double by the year 2050.
You can’t stop the aging process, but you can mitigate the consequences that come with a long-term care situation by making the effort to put a plan in place today.