Soaring costs and rising demand for long-term care services can deplete savings and strain government programs. Today, one-year in a nursing home averages $77,000. In 2030, the cost is projected to reach $200,000. Most Americans cannot save enough to cover long-term care costs themselves. Long-term care insurance can help pay for services and protect lifetime savings from being wiped out.
ACLI advocates private long-term care insurance as part of sensible retirement planning. Our goal is to increase the availability of long-term care insurance at the workplace and to allow for market growth, innovation, and regulatory stability, making this valuable protection available to more American families.