The number of older adults in the U.S. has been rising steadily. According to the U.S. Census, the population of those 65 and older grew by over 9% between 2020 and 2023. By 2050, projections indicate there will be more than 82 million seniors.
As the senior population increases, so does the demand for long-term care. At the same time, the costs for these services continue to rise. To help cover expenses, some individuals turn to long-term care insurance.
While you may assume you won’t need these services, nearly 70% of adults over 65 will require some form of long-term care. Though it adds to monthly expenses, long-term care insurance can provide valuable financial support. Additionally, part or all of your premiums may be tax-deductible.
Long-term care includes medical and nonmedical assistance for those who struggle with daily activities due to aging, illness, or disability. Care can be provided at home, in community settings, or in specialized facilities like nursing homes and assisted living centers.
If you have not yet considered planning for long-term care, give our office a call at 605-275-5665. We can help you protect your family and your assets, and we offer free consultations.