by James R. Westermeyer
The Age-Related Need for Increased Healthcare
As we age, our physical needs change resulting in the necessity for more extensive health care. While we cannot control the results of the aging process, we can find the best ways to cope with these changes to preserve and protect our good health for as long as possible.
Health Care Costs are Rising
Health care costs are rising primarily due to the increasing need for health care for preventable chronic diseases, aging baby boomers and more frequent use of emergency room care. The skyrocketing cost of prescription drugs is exacerbating the problem, resulting in higher out-of-pocket costs at the pharmacy.1
The Increasing Need for Long-Term Care
According to the U.S. Department of Health and Human Services, today's typical 65-year-old has a 70 percent chance of requiring some kind of long-term care as they age. They likewise report that although one-third of today's 65-year-olds may never require long-term care or assisted living, that one out of five will need it for more than five years.2
Long-Term Care is Costly
The cost of long-term care is already averaging $172,000 per person and is expected to double by 2047 putting an increasingly heavy financial burden on individuals and family members.3
Health care and long-term care insurance go hand in hand. The rising cost of health care makes planning for and covering any long-term care needs you may have essential. The income benefit you receive can be used to pay for your long-term care and assures that you get the help needed for your personal care when you cannot provide it for yourself.
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