LONG TERM CARE INSURANCE 

Studies show that people are living longer. As a result, more than 70 percent of the aging demographic of 65 years and over, at one point in their lifetime will need some type of long-term care. 

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According to Genworth's Cost of Care 2004-2019 report, "From 2004 to 2019, the cost of the facility and in-home care services has risen on average from 1.71%-3.64% per year. That is an increase of $829 a year for home care and up to $2,468 a year for a private room in a nursing home. Furthermore, this report notes that at this rate, some care costs are outpacing the U.S. inflation rate of 2.1%* by almost double.

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As you age, you may become more concerned about the financial impact a long-term care event can have on your entire financial security. Furthermore, as rates of home care and private nursing facilities cost increase, not having a long-term care insurance or alternative in place, can also have an emotional and financial impact on you and your loved one’s peace of mind. 

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You may never need Long Term Care insurance. But if you did, how will it affect you, your immediate family, your spouse, your adult children, and your finances?