Aging, the great leveler.
Wealth can protect you from a host of life’s cares (little troubles the slumber more than an empty belly), but no matter how well you eat, work out or enjoy elite healthcare, one day you could get sick and need prolonged care, either at home or in a managed facility. Money can’t buy you love or good health, at least not reliably.
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This risk is one you should bet on. A new survey shows that even affluent Americans are losing sleep: nearly half of wealthy respondents said they fear becoming a burden to loved ones via a prolonged debilitating ailment. Interestingly, around 70% said they wish they could rely on family to look after them, but they don’t want to force the responsibility into their hands. It sounds something like a genetic memory of the times when people could rely on their extended families for care – a dimly imprinted memory, alas.
Shockingly, the survey revealed that only 30% of wealthy Americans have purchased a long-term care policy. Even people who should know better and have the motivation and resources to take care of themselves are not responding. The issue’s complexity and the unpredictability of the final result are perhaps too daunting. In any case, time is of the essence.
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Statistically, most Americans will need long-term care at some point during their retirement – around 70%. This care doesn’t come cheaply: the relevant insurance policies feature premiums averaging a daunting $3,500/year. However, if you consider the potential cost of long-term care – perhaps $90,000/year – it all begins to make good sense.
For more information, please read:
Even Wealthy Older Americans Worry About Long-Term Care | The Motley Fool