Demand for long term care insurance on the rise
The youngest baby boomers in the United States, including in California, are currently in their 50s, and there are 70 million baby boomers. With the life expectancy in America being almost 80 years old on average, the demand for long term care insurance can be viewed as a strategy for protecting assets.
With this type of insurance, people can save money in their non-retirement and retirement accounts for their retirement needs. However, if they end up becoming cognitively impaired or physically sick and require care in a facility or home, the insurance offsets these costs. As a result, people do not have to rely on their assets to cover the cost of such care.
A majority of people would like to receive care at home through a family member. However, in reality, this will not always be a possibility. Research shows that 7 percent of caregivers who are family members are at least 75 years old. In addition, the average caregiver who is a spouse is over 62 years old.
Navigating the process of purchasing or using long term care insurance can understandably be intimidating. However, an attorney can help people to analyze their policies and figure out what they are entitled to receive, or these individuals may receive assistance in filing their first claim. Through proper legal guidance, people in California can have the assurance that they will receive the benefits to which they are entitled if and when filing a claim becomes necessary.
Source: memphisdailynews.com, “Demand for Long-Term Care Insurance Expected to Rise“, Michael Waddell, Nov. 19, 2016