Long term care information shows the need for insurance
When you’re planning your financial future, you would do well to review the latest long term care information. Recent studies have revealed some important trends in long term care. Information suggests that:
- At least 70 percent of people over age 65 will need some form of long term care during their lifetimes.i
- Of those requiring care, 41 percent are under 65.ii
- The cost of care today can exceed $85,000 per year for a private room in a nursing home.iii
- The cost of long term care is expected to increase to over $250,000 per year in 30 years.iv
This long term care information clearly suggests that planning for long term care must be a priority for any financial or retirement planning. Long term care insurance can help cover the cost of care and protect the wealth you have accumulated for your family’s future. When many families across the country want long term care information and innovative insurance products, they turn to a leading provider of long term care insurance – John Hancock.
John Hancock – long term care information and insurance
As a leader in insurance for long term care for the past twenty years, John Hancock representatives are a helpful source of long term care information. Your John Hancock representative can provide information about the variety of plans available, as well as optional features that can help you customize your policy to dovetail with your financial plan.
Long term care information from The America’s Health Insurance Plans, 2007 National Survey states that people choose long term care policies for the following reasons:
- To minimize their financial exposure and take responsibility for protecting their assets
- To increase their choice and independence so they may receive care in the setting they prefer
- To avoid becoming a burden to their loved ones
Information suggests the time to make long term care plans is now
Long term care information suggests that it’s better to address your long term insurance situation now rather than waiting until a later time. Because the cost of long term health insurance is less expensive if you apply when you are younger and healthier, you can reduce your long term care premiums by purchasing insurance in your 40s or 50s. And if you should need long term care at an early age because of an accident or illness, having a long term care policy now will help to cover the cost of that assistance.
Get more long term care information now and get a long term care insurance comparison
i U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov, September 2008.
ii Georgetown University Long-Term Care Financing Project, “Long-Term Care Financing Policy Options for the Future,” June 2007.
iii Based on John Hancock's Cost of Care Survey, conducted by LifePlans, Inc., 2011.
iv Based on the average annual rate of inflation over the past 30 years ending December 31, 2008 of 4.1%, using the Consumer Price Index for All Urban Consumers, Bureau of Labor Statistics, www.bls.gov.
