Taking a Look at Long-Term Care Insurance

2106 WordsJan 27, 20188 Pages
Introduction For many people younger than 50, long-term care insurance seems like something to worry about for the future. Some young adults feel as though long term care insurance may not be a topic to discuss at their age because they are young and healthy. However, young adults should be thinking about long term care as early as possible. As we can see in healthcare news and headlines, long-term care cost is rising and factors can include your age, medical conditions, and overall need for care. According to, Rich Arzaga, founder and CEO of Cornerstone Wealth Management who states, “They'll ask about (long-term care) at the age of 55 or 60 when their parents are going through these issues. They don't have the fear of reality until they're over 55." Physical aging is unavoidable, but becoming wise and educated on long term care insurance at a young age can help many in the future. Long-term care policies are providing incentives such as refund features to appeal to young adults who are not thinking they will need this kind of insurance. The statistics show over and over again that people are living longer and once they are older will use some source of long- term care. According to the New York Times, around eight million adults in 2011 purchased long-term care insurance. Long-term care insurance has been a product gradually losing appeal to many primary consumers. Furthermore, long-term care has been deemed an unprofitable resource for major insurance companies.
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