On Monday, October 31's "Don't Be Scared of Long-Term Care," NAIFA's Executive Director of Centers of Excellence, Carroll Golden, addressed the crisis of long-term care that is sneaking up on most Americans. "When we look at the cost of care, it’s only increasing and it’s increasing dramatically," she said at the Limited & Extended Care Planning Center's annual Impact Day.
In statistics Golden presented, she shared that:
- 70% of adults over age 65 will develop severe long-term needs before they die but only 48% will receive paid care.
- Only about 7% of Americans own a private long-term care policy.
High care costs quickly exhaust personal savings and force a spend down to poverty levels to qualify for Medicaid.
- Unpaid care often is left to family members, who face significant financial and emotional burdens.
Read more about this looming crisis, and how we can help mitigate its impact in the full article at InsuranceNewsNet.