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Americans Clueless About Longevity Risk Cites Long Term Care Insurance Director
The majority of Americans don't understand or have any plan to deal with the consequences of living a long life declares Jesse Slome, executive director of the American Association for Long Term Care Insurance.
"A man in average health who makes it to age 65 has a 40 percent chance of living to age 85 and females have a 53 percent chance," explains Jesse Slome, executive director of the long term care insurance industry trade group. "If you are healthier than the typical American, your chances increase to 50 percent for men and62 percent for women."
Slome noted that the Association was embarking on an awareness campaign to created a heightened understanding of the 'New Longevity Risk' associated with living a long life. "I don't subscribe to scare tactics or misstatements of data that makes people think the majority of seniors are headed for a nursing home stay"," Slome explained to a group of professionals. "But, if you live to 85 and many will live well past that, the likelihood of needing care is high and few have thought about this risk or the impact on families let alone planned for it."
According to Social Security mortality data analysis, the likelihood of a male age 65 living to age 90 is 20 percent, to age 95 it is six percent. "Medical science and advances are keeping us alive but that doesn't mean our bodies will function the way they do at age 50 or even 60," Slome noted. "Just as we teach people to plan for retirement starting in their 20s and 30s, we need to educate people to start longevity planning in their mid-50s."
Slome notes that long term care insurance can be a prudent way to protect against the cost of needing assistance with daily life in later years. "But, insurance is only available to those who can still health qualify and that means starting the investigation typically prior to age 65," Slome advises.
For information about long term care insurance costs or to connect with a long term care insurance specialist who is a member of the Association call the organization at (818) 597-3227 or on their website at http://www.aaltci.org where access to free consumer guides is available.