Most Americans Underestimate the Risk
Perhaps most importantly, despite overwhelming and compelling statistics; most Americans grossly underestimate the risk of disability to themselves and to their loved ones. According to the Council on Disability Awareness 2010 survey:
- 64% of wage earners believe they have a 2% or less chance of being disabled for 3 months or more during their working career; the actual odds for a worker entering the workforce today are closer to 25%.
- Most working Americans estimate that their own chances of experiencing a long term disability are substantially lower than the average worker’s.
Given the high costs of care, this underestimation often leaves Americans ill prepared to pay for the costs of disability and long-term care.
Disability Insurance and Long Term Care Insurance May Cover These Costs
I do not sell insurance and I leave that work and any product recommendations to the qualified professionals who are licensed as such. That being stated, if a parent, their spouse, or family member becomes totally disabled or needs long term care, the loss of income and cost could easily deplete or extinguish the family’s hard-earned assets. Alternatively, individuals (or their families) can pay for disability insurance to help fund a loss of income during disability, and long-term care insurance to help fund the cost of long-term care.
The above discussion outlines the minimum planning everyone, including seniors and their loved ones, should consider in preparation for a possible disability. It is imperative that families work with a team of professional advisors (legal, medical and financial) to ensure that, in light of their unique goals and objectives, their planning addresses all aspects of a potential disability.
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