Monday marked the official beginning of Long-Term Care Awareness Month, and heaven knows Americans desperately need to be made aware of their serious financial vulnerability in the event (statistically a 1-in-2 chance) they need long-term care at some point in their life.
You think it would get people's attention if they knew 75% of all single people and 50% of all couples spend their entire savings within one year of entering a nursing home, according to LTC Tree, and Medicaid pays for about 46% of custodial-care services provided in a nursing home because people did not plan for long-term care and exhausted their savings.
I also think producers could use some extra awareness as well, especially at a time when some longtime marketers of the product may be re-evaluating their strategies in light of some recent price increases to enforce policies by a couple of industry heavyweights.