Long term care is something we talk about, but very few people actually have a policy. In fact, only about 7.2 million Americans have long term care (LTC) insurance.
To give you a point of reference, the total population of the U.S. came in at about 327.2 million in 2018. In other words, 2% of Americans have LTC insurance.
Yet, 70% of Americans—that’s 229 million people—will need some form of long term care in their lifetimes.
So how are we paying for it?
The short answer: we aren’t.
Debt is rising, particularly for the over-60 demographic, and as more people enter retirement, the question of care grows.
People are forced to go back to work in retirement, go without care that they desperately need, or even accumulate debt in their golden years.
But it doesn’t have to be that way.
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