Long-Term Care Insurance
Our country is aging rapidly. Advances in medical science and resulting long life spans are well documented. No longer is it unusual for a person to live will into his/her 80s. Today, about 40 million Americans are older than 65, and 62.2 million are classified as "senior citizens." (GAO/T-HEHS-98-107 Report, released March 1998). And the facts are clear.
FACT: 1 in 3 people currently age 65 or over will enter a nursing home for an average of 2 to 3 years (A Health Care Safety Net, Fortune 10/14/98).
FACT: The average cost for a one-year nursing home stay is $46,000. This cost is expected to nearly double by 2010 (Kiplinger's Personal Finance Magazine, May 1998).
FACT: 70% of single people and 50% of couples with one partner requiring long-term care become impoverished within one year (National Alliance for Care Giving, June 1998).
While family, friends, and even the government can offer some level of assistance, most people prefer to take control of their own long-term care needs. Every year, more and more people consider long-term care insurance to protect their assets and guarantee their future independence. It only makes sense. After all, you have used insurance to protect your home, your cars, your health, even your life. You may not always enjoy writing out those premium checks, but you take comfort in the security you feel knowing that your forethought and planning is protecting your property and your loved ones.
Contact WorkInvest to learn more.
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