NY Times - The private insurance market has proved wildly inadequate in providing financial security for most of the millions of older Americans who might need home health aides, assisted living or other types of assistance with daily living.For decades, the industry severely underestimated how many policyholders would use their coverage, how long they would live and how much their care would cost... Only 3 to 4 percent of Americans 50 and older pay for a long-term care policy, according to LIMRA, an insurance marketing and research association. That stands in stark contrast to federal estimates that 70 percent of people 65 and older will need critical services before they die.
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Long term and elder care costs are arguably the most costly and least anticipated health care expenses. Thus late life financial ordeal is poorly met by insurers, financial planners and the families of the elderly.This is an industry in need of new thinking before the needs they purport to meet plunge the country into enduring financial turmoil.
Semper Paratus
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