In less than 10 years, all of the nearly 70 million baby boomers will have reached the age of 65. As this massive generation reaches an age where they may need extended care, how will families shoulder the cost? Long-term care insurance (LTCI) can be an integral part of any family’s plan, no matter what route they decide to take with their older relatives.
LTCI is a policy that will reimburse policyholders a pre-selected amount for services to assist their loved ones with daily living activities. This insurance is essential because it can help lessen the financial burden caused by long-term care – whether that means home-based care, a nursing home, an assisted-living facility, or any variation of extended care.
LTCI is important because, while some boomers may have invested wisely and have the disposable income to take care of themselves, there is no guarantee that something disastrous might not happen that would cause that income to dry up, leaving them with no backup plan. Investing in LTCI should be a part of any future planning, especially considering that 60% of people over the age of 65 will likely require some form of long-term care.
Not only is LTCI helpful for those receiving the care, but it also benefits family members, who can struggle to support their relatives if they have to pay for long-term care services themselves. These cost are expected to increase anywhere between 50-120% over the next 10 years. Talk to your loved ones about their long-term care goals, and ask if they have considered LTCI. This conversation should start now, even if they will not need long-term care in the near future. Premiums tend to be lower if you purchase LTCI before you or your relative need it.
Protect your family and loved ones today by calling Kamm Insurance Group, or visit us online for a free quote.