Long-term care insurance is typically thought of as an insurance resource typically reserved for the elderly.
According to Benefit News, the American Association for Long Term Care (AALTCI) is challenging that idea. The numbers understandable skew towards the elderly. However, many younger adults are taking advantage of long-term care benefits.
The AALTCI argues that certain conditions that require long term are aren’t necessarily always associated with aging.
“People often mistakenly associate long-term care solely with nursing home care required by the elderly,” says Jesse Slome, AALTCI’s director. “After purchasing insurance coverage, younger individuals have accidents and are diagnosed with health conditions that result in the need for care for months and often years.”
In the AALTCI’s review of data from leading long-term care insurance companies, the youngest person to obtain coverage was age 28. A number of additional insurers reported younger claimants in their 30’s.
Long term care insurance is designed to protect your savings in the event that you can no longer earn an income. Most of the time it affects the elderly. But there are hundreds of different scenarios that could affect your income and quality of living. You may have heard of a friend’s husband who became ill and had to dip into their savings for long-term care.
Many are not prepared to handle the expenses that are incurred if a family member suddenly needs long term car. Many have to tap into their savings, and it can affect your quality of living, and your family’s financial situation.