Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Long-Term Care Planning

Boomers reluctant to buy LTCI; economy is to blame

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

The economic crisis is forcing boomers to forgo long-term care insurance, according to a new a new survey by the nonprofit LIFE Foundation.

Sixty-four percent of Americans age 45 and older say that the recent economic downturn has had a major negative impact on their ability to pay for long-term care services should they become unable to take care of themselves for an extended period of time. Sixty-one percent say they are concerned that they will be responsible in the future for providing either financial assistance or personal care to a loved one who needs long-term care services. More than half of all adults (58%) think it is likely they will need long-term care services at some point in their lives.

While Americans recognize the risk, few of them, according to Deb Newman, CLU, ChFC, LTCP, president of Newman Long Term Care and spokesperson for LIFE, own long-term care insurance to guard against this risk.

“On average, the cost for long-term care services is roughly $70,000 a year. In today’s tough economic environment, most people have far less money available to pay for these services, and it’s likely they will need them,” says Newman. “Long-term care insurance guarantees that you will always have the financial means to afford the kind of care you’ll need and prefer.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.