Currently, 12 million Americans need long-term care. By 2050, that number is expected to more than double, to 27 million. Where they’ll find that care and how they’ll pay for itis unclear, creating a crisis.
“I think Americans believe that either their health insurance or Medicare will cover long-term care,” says Aaron Ball, senior vice president of long-term care products at Genworth, a financial security and insurance company. However, neither is a true funding source for long-term care, and most Americans don’t have alternatives in place.
In a recent study, Genworth found that despite the fact that roughly 70 percent of Americans reaching age 65 will one day depend on long-term care services, only 11 percent have a long-term care insurance policy. Read more here: https://www.tikhinews.com/insurance/