Longevity and long-term care

The Society of Actuaries released the results of a new study today indicating that nearly half of Americans have no plans in place should they outlive their assets, including healthcare assets. Here is an excerpt:

“While long-term care insurance may be a complex and somewhat costly product, it can act as a financial safety net should people need extensive care in their old age,” says Dawn Helwig, FSA, MAAA and consulting actuary for Milliman, Inc. “Purchasing a long-term care policy or combination product can help mitigate the potential risk of having to pay out-of-pocket for unexpected health-related costs down the road.”

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