Why Address Long-Term Care Related Issues?
In 2009, the population age 65+ was 39.6 million or 13% of total population*. By 2030, one in five Americans will be a senior citizen. * In 1994, 7.3 million Americans needed long term care (LTC) services at an average cost of nearly $43,800 per year. By 2000, this number rose to 9 million Americans at nearly $55,750 per year. It’s currently near $75,000 per year. By 2030 those needing LTC will skyrocket to 23+ million Americans, with projected, individual long term care costs reaching $300,000 annually per individual.** Currently, over 65 million Americans care for a family member with a chronic illness, disability or frailty due to aging.
Welcome to the “Sandwich Generation”. Whether you are an employer or advisor, you know these issues can have a daunting impact on the workplace. LifeCycle Benefits was established to provide viable options and resources to address this silent emotional, financial and productivity challenge.
Sources: * Administration on Aging, 6/30/2010./ **National Advisory Center for Long Term Care Insurance/***National Family Caregivers Association 2010