Singer Amy Grant recently became a spokesperson on the need for long-term care insurance for the National Association of Insurance Commissioners (NAIC). The reason: “Last year, my sisters and I cared for my mom while also juggling our roles as wives and mothers. Fortunately we all had the support of our husbands and kids. Our family was blessed not to have the financial concerns that often accompany this situation, but I know everyone isn’t as lucky. Caring for my mom as she passed away really changed the way I began to think about my own future and that of my children. I think it’s important for others to prepare for the inevitable twists and turns heading our way on life’s journey.”
The NAIC indicates that 70% of people 65 or older will need long-term care services at some point in their lives and that it can be expensive. They further indicate that care in a nursing home can cost @$80K or more annually – care that is not covered by regular health insurance or Medicare.
To be prepared for the what you hope doesn’t happen, but does, you can access the NAIC website for additional information: https://www.naic.org/index_ltc_section.htm