The purpose of this part 2 video is to explain why it is important to stay up-to-date on your understanding of your policy and to review some vital statistics.
This video is part 2 of a video series that has been created to help individuals obtain a better understanding of Long-Term Care Insurance. More specifically, what Long-Term Care is, who needs Long-Term Care, what the types of Long-Term Care are, what Long-Term Care Insurance covers, Considerations, and whether or not someone can still purchase long-term care insurance.
The entire video series can be found here on our YouTube channel.
First off, I highly recommend that you review your policy.
Many individuals with long-term care insurance have their documentation organized like what I show in the picture here. But for many of them, they purchased these policies 20 to 30 years ago. Oftentimes the only time that they will see correspondence is when they have to pay their premiums. Make it a habit to request an updated summary of benefits at least every two to three years. This way, you stay up to date on what your benefits look like.
So, for example, a key aspect of long-term care insurance policies is whether or not an inflation rider exists. If an inflation rider does exist, then the policy increases in value over time, based on inflation. If you don't have that rider, then technically, it decreases in value over time.
Before we get into the meat of this presentation, I just wanted to say that this presentation is intended to be simply educational. As a licensed home health agency, we do not sell insurance, so I would advise that if you want further information in terms of purchasing insurance or making decisions on your insurance, you seek the professional assistance of a financial advisor or insurance specialist.
Let's go over some statistics. And as we go through this presentation, you'll start to get an idea of when you should be filing a claim with your insurance company. So first, 70% of individuals over the age of 65, that's right, 70%, are expected to receive long-term care for an average of three years. So what this means is that you, the person watching this video, are likely to need some form of long-term care at some point in your life.
Also, family caregivers spend an average of about 23.7 hours per week providing care. 21% of those caregivers spend 41 hours or more per week. That's more than one in five family caregivers.
Also, our population is getting older. In 2020 the life expectancy for men was 76 years, and for women, 81 years. Contrast that to 1970 when the life expectancy for men was 67 and 74 for women.
Also, every day in the U.S., 10,000 people are turning 65. By 2050, 20% of the population will be over 65 years old.
Here's a very telling statistic: The number of insurers offering long-term care insurance coverage has decreased, from slightly more than 100 in 2004 to about a dozen in 2020. This has a lot to do with the insurance companies not projecting well and the fact that we're living longer and longer.
Also, fewer than one in 30 Americans own a long-term care insurance policy. And only about 7% of adults over the age of 50.
If you're watching this video presentation and you have long-term care insurance, give yourself a pat on the back. You planned in advance, you're protected, and it's all about utilizing these benefits when you need to. When you think about it, we all buy automobile coverage, hoping and praying that we're never going to get into a car accident. Well, when you look at long-term care insurance, we're just looking at the first statistic of where 70% of individuals over the age of 65 are expected to receive long-term care. You almost know for sure that you're going to have an opportunity to use your policy at some point in time.
Thank you for watching this video. Make sure you watch the next video as we continue this discussion about long-term care insurance policies.
HOME HELPERS OF BRADENTON
Home Helpers of Bradenton is one of the region's leading home care franchises specializing in comprehensive services for seniors. Home Helpers' sole mission is to make life easier for clients and their families. Based in Bradenton, Florida, the company serves all of Manatee County, including the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Palmetto, and Parrish. For more information or to request a free in-home care assessment, contact our office at (941) 499-5946 or visit our website at www.homehelpershomecare.com/bradenton