According to the US Department of Health, the majority of Americans over the age of 65 will need extended care at some point in their lives.* As the eldest of the baby boomers approach 70, combined with longer life expectancies, your need for long-term care (“LTC”) insurance is important. As detailed in the infographic below, the cost of LTC may play a significant role in your overall financial strategy. Developing a plan early can provide you with peace of mind knowing that the emotional and financial strain of providing that care doesn’t have to all fall on your loved ones.
Sources: Infographic provided by Nationwide * US Administration on Aging, Department of Health and Human Services, April 2014 1) Life and Health Advisor, “Don’t Let Your Clients Get Blindsided By Unexpected LTC Costs,” 2010.