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Submitted by: Amy Rose Herrick
Amy's skills combine Tax Planning, Income structuring, Cash Flow, Divorce Settlements, Debt configuration, Estate Plans, Portfolio Planning and Distribution Alternatives. She assisted an institutional investor base from '86-90, then focused her practice in '91 to the present for individuals and small business exclusively. Amy holds various professional licensing in several states. She has provided planning advice to multiple media outlets including Newsweek. Interviews are available.
The top five claims are for cancer, stroke, neurological disease, dementia and multiple sclerosis according to a report from UnumProvident one of the nations leading group LTC providers.
Cancer accounted for about 30% of these LTC claims and stroke accounted for about 10% with other conditions making up the remainder.
The typical claim lasted over a year with the average claimant a young 53 years old. A surprising 15% of claimants were under the age of 45.
Fortunately 66% of claimants were able to receive care at home, while 17% needed care in a nursing home setting.
For those in a nursing home setting the average annual cost of long term care in the United States regardless of age is a staggering $70,000 a year. The vast majority of 45-64 year olds have not even factored this potential liability into any financial planning before or after retirement.
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