Why People Don’t Buy Long-Term Care Insurance from Forbes

Posted by on Sep 13, 2011 in CHC News, Current Events | Comments Off on Why People Don’t Buy Long-Term Care Insurance from Forbes

We thought this article by Howard Gleckman, featured in Forbes.com was interesting given the estimated costs of long term care presently and in the future.  Below is the lead paragraph, if you find it interesting you can read the full article by following this link,  Why People Don’t Buy Long Term Care Insurance

“It isn’t news that Americans are reluctant to buy private long-term care insurance. Only 7 million have policies and few people are buying new ones. But why don’t we plan for the risk of needing assistance at some point in our lives? After all, 7 of every 10 of us will need care sometime after we reach age 65 and others will need it at younger ages due to injury or illness.”  Gleckman

What is frightening, the premiums for LTC Insurance may average $2500 per year, but the average cost in North Carolina for a nursing facility in a semi – private room – $66,0000 annually.

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