Did you know that if you are over age 65: you have a 7.2% chance of having an auto accident every year; a 6.15% chance of needing to file a homeowner’s insurance claim; and a 70% chance of needing long-term care? Over half of those who need long-term care will require a nursing home.
3 – Explain matters using real, truthful data
13% of drivers are uninsured;
15% of homeowners are uninsured;
90% of senior citizens are uninsured and unprotected against long term care needs.
Why is it important to plan for long term care? Primarily because the expenses of long term care are catastrophic and can wipe out a nest-egg in less than a year.
50% of couples and 70% of singles are impoverished (broke) after one year of entering a nursing home!
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About Evan H Farr, CELA, CAP
