2021 Long-Term Care Insurance Statistics
See the latest long-term care insurance statistics and data posted by the Association.
“The need by the second or the surviving spouse was for both home care as well as facility care,” Slome pointed out. “Consumers need to understand that long-term care insurance provides benefits...” [AALTC.ORG]
The conversations are indeed being had...
It starts with understanding that women are today's financial decision makers.
They are also the primary caregivers. It is most often the women that provide care to the critically ill and frail men in their lives. It is the daughters and daughters-in-law that provide the care to the maternal survivors in a family.
It is the women that are financialyl impacted the most by a chronic long-term care illness. Why?
Income reduction when a joint income benefit is reduced at a death and care is required.
Reduction in Social Security under the Widow's Benefit.
Quit work to provide care to an aging family member or spouse.
If they live alone, they may need to hire outside caregiver, at additional cost, to for their home care services.
Questions they are asking and the research they are looking into include:
What are the costs for long-term care in their area?
What does Medicare pay for long-term care services?
If they or their spouse has served in the military over the last 20 years, will the Veterans Administration provide for long-term care services?
What about State Long-Term Care Insurance programs? How do they work?
Is Medicaid an option and will they qualify?
Insurance and financial advisors need to be prepared to answer these questions and more.
In fact, some of the more relevant questions are those focused on funding options for long-term care. Examples:
What is the Pension Protection Act and how can they use older life insurance and annuities to fund for long-term care?
What are the advantages of using compliant tax-qualified life insurance and annuities to fund long-term care?
What is asset based life insurance and annuity policies with long-term care benefits?
Are these types of policies more or less suitable for those with health challenges?
Which insurance companies are best suited for their individual situations?
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