Archive Earlier eNews-letters & articles AALTCI American Association for Long Term Care Insurance
CLTC Corp. for Long Term Care Certification
Disclaimer: This eNewsletter and all links to other sources should not be construed as tax or legal advice because it is not either. Raymond Smith, The Long Term Care Specialist, does not give legal or tax advice. Consult your tax advisor or attorney for these matters.
|
|
|
|
The American Association for Long-Term Care Insurance (AALTCI) is one of the professional organizations I belong to. Every year around this time, they publish Sourcebook. This collection of long term care statistics can only be eagerly anticipated by a long term care planning geek like me. This month's Planning for Long Term Care eNewsletter will have a series of short articles based upon data from the 2014 (that is what it says on the cover) Sourcebook.
*Citation for the below articles: American Association for Long-Term Care Insurance, 2014 LTCI Sourcebook, www.aaltci.org. By the way, if you click on the AALTCI website, go to "Find a Local Long-Term Care Insurance Professional", and enter 80016 in the zip code box, my name will come up. |
|
*New Claims Opened In 2012 By Attained Age
| Men | Women | Total | Under 50 |
0.1% |
0.2% |
0.3% | 50-59 |
0.9% |
1.0% |
1.9% | 60-69 |
3.8% |
4.9% |
8.7% | 70-79 |
9.2% |
16.2% |
25.4% | 80 & over |
22.0% |
41.7% |
63.7% |
We can see that people age 80 & better opened 63.7% of all claims in 2012. To state the obvious, 36.3% of claims were opened by people younger than 80. I have met 50 year old stroke victims in assisted living. Younger people also need long term care services.
|
*Largest Individual Open Claims (2012)
(Total value of the largest individual claim still being during 2012 |
Male | |
Female |
$1,300,000 |
Company A |
$1,800,000 |
$1,224,846 |
Company B |
$1,229,129 |
$898,000 |
Company C |
$688,000 |
The particular insurance companies paying these ongoing long term care claims were not identified. Can long term care cost more than $1.0M? You must have a plan to pay for long term care services when you need them...else your, & your spouse's retirement plan could be in deep trouble.
|
|
A plan to pay for Long Term Care services is not a financial plan. But a financial plan that does not address long term care can not be a complete financial plan. |
Sincerely,
Ray Smith
Raymond Smith, CLU, CLTC, MBA The Long Term Care Specialist
303-699-4172
|
� Raymond Smith, The Long Term Care Specialist, 2013 |
|
|