Long Term Care Insurance for Baby Boomers Planning Retirement
Last updated: March 10, 2017 at 15:21 pm
Retirement Planning and Long Term Care Insurance
Baby Boomers are becoming increasingly aware that Medicare does not pay for most long term care. Meanwhile the annual cost of a private room in a nursing facility is averaging $81,000, and climbing. Consequently, retirement planners and their clients are increasing their focus on the need to include long term care insurance as part of a comprehensive retirement plan.
This year, more than 3.5 million Americans will turn 65 and this number will continue to increase for the next 20 years. For some perspective on this growing number, consider that in 2000 the number was 2.5 million. In 2010 there were 40 million Americans over age 65 and by 2030 we’ll have 72 million. As a result of this growing segment of the population, the demand for long term care insurance and senior citizen facilities is on the rise.