The American Council of Life Insurers (ACLI) issued the following statement today on Long-Term Care Awareness Month:

Washington, D.C. (Nov. 1, 2010) — The American Council of Life Insurers (ACLI) encourages all Americans to prepare for their potential long-term care needs during Long-Term Care Awareness Month, which is in November.

The cost of long-term care is a looming crisis that threatens Americans’ financial and retirement security. Today, the median cost for a one-year stay in a nursing home is $75,000 and this cost is only projected to rise. Without proper planning, many Americans risk depleting their hard-earned retirement savings to pay for long-term care services.

Long-term care insurance provides a way for Americans to address their long-term care needs. It helps Americans avoid excessive strains on family and finances while also providing to policyholders the dignity of choice by covering a wide range of services in a variety of settings. Benefits from long-term care insurance also help alleviate costs to taxpayers by providing middle-income Americans with an alternative to spending down their assets in order to qualify for Medicaid.

We hope that Long-Term Care Awareness Month will alert Americans to the need to plan for long-term care and prompt them to take the necessary steps to protect their financial and retirement security.

ACLI’s Web site features information for consumers on long-term care and long-term care insurance. Visit www.acli.com to learn more.

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public Web site can be accessed at www.acli.com.