We are launching our blog with this post! We wanted to discuss a few reasons why so many client are opting to buy Hybrid LTC insurance, especially in today’s market turmoil.
The financial repercussions of not having long-term care insurance can be devastating for individuals and their families. Let’s examine some key government statistics that highlight the potential costs and financial burdens associated with uninsured long-term care:
- Out-of-Pocket Costs: According to a 2016 report by the U.S. Department of Health and Human Services, the average out-of-pocket cost for long-term care services is $140,000 for individuals who require care but lack insurance.
- Bankruptcy Risk: A study published in the journal Health Affairs found that medical expenses, including long-term care costs, are the leading cause of personal bankruptcy in the United States.
- Caregiver Burden: The 2020 AARP report reveals that roughly 41.8 million Americans serve as unpaid family caregivers, providing an estimated $470 billion worth of care annually. This uncompensated care can lead to financial stress, lost income, and caregiver burnout.
- Delayed or Inadequate Care: Without long-term care insurance, individuals may be forced to delay or forgo necessary care due to financial constraints, potentially leading to a decline in overall health and quality of life.
These statistics emphasize the importance of having long-term care insurance to protect against the financial burden and potential health consequences associated with uninsured long-term care.
