Need for Long Term Care Insurance Revealed by Population Demographics

Long Term Care Insurance

Statistics about aging and caregiving in the U.S. reveal a concern for aging Baby Boomers that may pose a major problem, say the advisors at www.Long-Term-Care-Insurance-Planners.com. Without action, a comfortable old age for many Americans could be in jeopardy.

Consider this picture of our aging population: In 2006, 36 million people are over 65 years of age. In 25 years, that number will double to an estimated 71.4 million. While the number of people over age 85 is more than 4 million today, it will become 9.6 million by 2030.

With such fast-growing numbers, the health-care industry and governments at all levels will be struggling with questions of how to pay for the care and life assistance that will be needed by many older Americans.

A growing number of elders rely on family members for caregiving. In fact, as many as 50 million people could be getting full or part time care from a loved one. "People considering their own future needs should answer the question of whether family caregiving will work for them," says Sean Denny of Long Term Care Insurance Planners. "Families today often live far apart, and a son or daughter typically makes sacrifices in income and lifestyle to take on the job of helping an elder parent."

A November 2005 report by the AARP Public Policy Institute shows that family caregiving has risen, but may not be sustainable. Using the latest available data, researchers found that in 1999 two-thirds of care recipients were getting only informal care, up from 57 percent five years earlier. The study notes that "demographic trends are likely to reduce the number of family caregivers available over time."

Taken together, these trends should convince many Baby Boomers to consider their own care situations. With the health-care system and government programs more heavily burdened, and family caregiving reaching its limit, a long term care insurance policy is a wise precaution.

To learn more about long term care insurance, compare policies and receive competitive quotes, visit www.Long-Term-Care-Insurance-Planners.com