| Think about all the medical advances that have been | | | | through the science of medicine. New treatments, |
| made in the last 50 or so years. We've developed | | | | procedures and medications can prolong our time on |
| new medicines and advanced surgical procedures. | | | | earth, but that time comes at an expense. |
| We've eliminated or greatly reduced many illnesses | | | | Medical research is expensive and that expense is |
| and diseases. And due to studies and research into | | | | recovered in the price of health care. Medications can |
| aging, many Americans have been educated about | | | | be costly, not to mention the upward spiraling cost |
| unhealthy habits and activities. They've listened and | | | | of hospital stays and nursing home fees. |
| changed. Informed Americans are now exercising | | | | Unfortunately for the insurance companies that |
| more and are eating healthy diets. | | | | provide coverage for long term health care, this |
| It's an astounding change in our culture, and as a | | | | presents them with quite a financial burden. The |
| direct result, the average lifespan of Americans has | | | | insurance company financial planners traditionally have |
| increased by 10 years since 1950. You may think this | | | | been able to follow the old models of folks retiring at |
| is great, but many insurance companies don't like it at | | | | 65 and dying within about 10 years after that. But as |
| all. | | | | our lifespan is increasing, we're heading towards an |
| At first, you may think it's in the best interest of the | | | | achievable lifetime of 100 years. |
| insurance companies if you'd live forever. That way, | | | | In preparation for longer life spans, many insurance |
| they'd keep collecting those monthly life insurance | | | | companies have raised their actuarial tables to |
| premiums without having to pay off on the death | | | | account for life spans of 115 years and advise us to |
| benefits. While that part is true, there's another side | | | | plan for retirement living to 100 years. In view of our |
| to the story - long term health care! | | | | increasing expectations of longevity, you'd be well |
| As people grow older, their health care needs | | | | advised to lock in low premiums now for long term |
| increase. They develop problems they may have | | | | health care you'll need later in life. If you wait, you will |
| never experienced before - diabetes, cancer, heart | | | | probably be subject to huge premium increases. |
| disease. But modern health care can extend their lives | | | | |