Many people believe long term care is only for the elderly, but 57% of people who file a long term care claim with Unum are under age 65, according to internal data cited in Unum's 2008 Buyers Study.
And the average age of those claimants is 54, according to the Unum study.
These are just a few of the conditions that can occur at any age and prompt the need for long term care insurance:
On average, a year in a nursing home costs more than $70,000.
- heart disease
- brain trauma
Long term care coverage helps protect against the costs of care and gives you choices about where that care is offered.
Medicare generally does not cover long term care; Medicaid is available only after all your other financial resources have been depleted.
A growing number of employers offer a long term care benefit employees can purchase based on their own needs. The younger you are when you buy the insurance, the lower the price will be.
Understanding the need for long term care coverage is the first step in helping to preserve your assets against the costs of that care.