Financial Advisors Urge Holiday Discussions on Long-Term Care Planning Amid Rising Costs
Financial advisors are encouraging families to discuss long-term care planning during the holiday season, a time when families often gather and can have meaningful conversations. According to OneAmerica Financial, there is a 20% increase in long-term care claims during November and December, suggesting that the holidays are a natural time for these discussions. Despite the importance of planning, only 3% of Americans over age 50 have long-term care insurance, even though 56% of those turning 65 will need some form of long-term care. The costs can be significant, with average out-of-pocket expenses reaching $140,000. Advisors emphasize the importance of having a plan in place to avoid financial and emotional strain on families.