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The odds of needing long-term care
are great. According to Health Insurance Association of America /
Life Plans, the general public believes the risk to be only 25%. However
the actual risk is greater than 50%!
There is more of a demand for long-term care
now than there was in the past. We are living longer now and the
family dynamics have changed. Families are not as available to provide
care now as they were in the past. The longer we live, the odds
are higher that we will need long-term care.
Many times people wrongly assume that just
because no one in their family ever needed long-term care, or that
they are in such great health they won't need long-term care. This
couldn't be further from the truth! Despite your great health, you
could get in a car accident and need long-term care!
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The chances of incurring property
damage or bodily injury at home (using your homeowner's
insurance) are 1 in 88; the chances of having an auto
accident (using your car insurance) are 1 in 47. The chances
of needing long-term care are more than 2 in 5.
"Long-Term Care Insurance: A
Product for Today", Journal of the American Society
of CLU & ChFC, September 1996
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Nearly 50% of all Americans will
need long-term health care at some point. "Baby
Boomers Need to Plan for Their Future", PR Newswire,
December 8, 1998-Source: American Health Care Association
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By the time people are 75, the probability
of needing long-term care is about 60% "Long-Term
Care- A Vital Product in an Evolving Environment",
Journal of the American Society of CLU & ChFC,
September 1997
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50% of all Americans 65 years or
older are projected to spend time in a skilled nursing
facility during their remaining lifetime. The
percentage of individuals needing skilled nursing facility
care after age 80 is 90%. 1996
National Nursing Home Study by AARP
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