More Americans Buy Long Term Care Insurance Protection
Last updated: March 15, 2017 at 8:34 am
According to recent research, more people are buying long term care insurance as long term care costs rise for home health care, assisted living care and nursing home care. According to the study, these costs will increase by 5.2% annually and are expected to reach $319.5 billion by 2016. The growth rate between 2006 and 2011 was 5.5% making these projections slightly less than historical growth rates.
Annual revenues for skilled nursing facilities are projected to rise to more than $146 billion in 2021, up from $107 billion in 2011. While revenues for home health care are projected to grow from $61 billion in 2011 to over $120 billion in 2021.
As most people know, our nation has an aging “baby boomer” generation that is beginning to put extremely high demands on the long term care health care system. Meanwhile, state and federal programs which already pay very little for long term care are expected to cutback Medicare and Medicaid expenditures thus putting even greater pressure on individuals to pay for their own long term care needs.
As baby boomers parents need long term care they are becoming acutely aware of the need to plan for their own long term care needs by purchasing long term care insurance. Working with a long term care insurance agent specializing in long term care insurance is the best way to insure proper retirement planning.