Long Term Care Insurance (LTC)

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Long Term Care LTC

Introduction
The product I selected is Long Term Care Insurance (LTC). Long-term care insurance is for the protection of individual and family investments. Customers always assume insurance is going to be expensive when it come to protecting your financial security. In this case it’s worth the investment once you know what you can loose.
LTC insurance is marketed to individuals as a planning tool. It’s the type of insurance you hope you never have to use. This insurance is similar to auto insurance, where you pay for protect against possible injury or damage. It’s an investment that helps you hold on to your fortune once you enter into a long term care facility. LTC pays for nursing homes and rehabilitation facility expenses most people don’t consider will ever happen to them.
Demographics
Current Market Situation over 65 Years of age 1999
The Pie Chart above shows how many Million Americans over the age of 65. It also shows the living arrangements for Americans to date.
In the next thirty years, 20 % of the population will be over 65 years of age, due to the baby boomer era. Based on statistics, at least 25% or more will require long tern care.
Growth of LTC facilities
There are estimates of 20,000 to 30,000 LTC homes in the United States, according to industry figures. The widening flood of Americans later life guarantees that long-term care facilities will be the 21st century growth industry. The market which was $86 billion in 1996, is expected to reach $490 billion by 2030.
Trends
Purchasing LTC insurance is a 50/50 gamble whether you will ever need this insurance or not. More and more people over the age of 65 not only need health care insurance, yet many forget about the long term care that may be required if a person is disabled or requiring long term care. Planning ahead can save individuals from their entire fortune being eaten up by the high the cost of long-term care facilities. Based on the cost of long-term care facilities, you might want to consider LTC insurance.
Insurance companies show what someone would pay by not having LTC insurance. They also use the words like “What intelligent buyers need to know';, making you feel stupid if you don’t buy. However if you can afford the premiums, purchasing LTC insurance would be a wise investment. Buying LTC in your fifties will offset increase premium cost as you get older.

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