Long-term care insurance is not exactly new or news, but we are hearing a lot more about it lately simply because we are living longer. The longer we live, the older we get, the better the odds that we will need long-term care. And not only are we living longer, advances and developments in medicine and health care mean we do not have to end up in nursing homes to receive that care. With the right system in place, we can stay in our homes while being looked after – a terrific option.
The fastest growing group in America is people over the age of 85. That’s 85! There is every reason to believe that by 2040, based on current research and population studies, we will have more than one million Americans over the age of 100 still enjoying their healthy independence. But independence does not necessarily mean doing it all without help.
You know how the numbers work: if you make it to age 65, you will probably see 82 or 83. Should you get to age 75, you are likely to reach nearly 87 – statistics work in interesting ways. The point is, sort of, the longer we live, the longer we live!
Okay. We are living longer, we hate the thought of a nursing home, the situation in Washington as far as Social Security and Medicare is seriously worrying. What can we do?
Start looking into long-term care insurance plans. Remember you will need to health-qualify – and good health will get you a discount from most carriers, perhaps as high as 10% to 20% per year. Here is a breakdown of percentages by age of those who qualified for good health discounts in 2008:
- Under 30: 63.2%
- 30 to 39: 66.3%
- 40 to 49: 66.8%
- 50 to 59: 51.5%
- 60 to 69: 42.2%
- 70 to 79: 24.2%
- 80 and over: 12.9%