Forbes says you’d have to a policy wonk or an outright nerd to care about statistical models for long-term care insurance.
Well, we’re guilty as charged. But that’s okay — Forbes cops to its nerdy inclination too. Earlier this month, the magazine delved into the latest stats on long-term care in America. The numbers are surprising and discomforting, but they come with a message of hope. Let’s take a look.
• The average long-term care cost for men in America is $91,000 (higher in New Jersey, we might add).
• The average long-term care cost for women in America is $182,000 (again, it’s higher in this part of the country).
• Americans over the age of 64 have a 50% chance of needing long-term care as they grow older. (The Chicago Tribune recently set that rate even higher, at 70%.)
• Most families pay out of pocket for at least half of a relative’s long-term care costs.
• Only about 8% of Americans have long-term care insurance.
• Medicaid spends more than $146 billion on long-term care each year. (Even then, Medicaid is only scratching the surface.)
• 80% of Americans say they aren’t interested in long-term care insurance, even if government subsidies were available to make it more affordable.
Those numbers are astounding. Long-term care is a profound economic burden, and it’s affecting real families throughout New Jersey and all across America. You don’t have to be a policy wonk or a nerd to appreciate that fact — you just need to know someone who’s currently crippled by those costs.
A systemic solution remains elusive. Americans’ best bet, then, is still advance planning. Strategic steps, coupled with early action, can make a manageable budget out of otherwise-catastrophic costs. We’ve done it for many families in New Jersey, and we can do it for yours too.
Don’t make the mistake of waiting too late to start thinking about long-term care. Protect yourself today. Your family will thank you later. Call Medina Law Group today to learn how we can help.