When it comes to planning for the future of you and your loved ones, there are a lot of loose ends that must be followed up on. One thing that many people don’t spend enough time planning for is the possibility of becoming disabled at some point in their life. In this blog, we discuss disability statistics and how to include protections for disability and long term care in your estate plan.
Studies have shown that the majority of people will face temporary disability at some point in their life. In fact, 1 out of 3 Americans will experience being disabled for at least a 3 month period before the age of 65. Below, we list disability statistics for Americans based on age groups:
- Age 25: 44% will experience a disability for 2.4 years
- Age 30: 42% will experience a disability for 3.2 years
- Age 35: 40% will experience a disability for 3.4 years
- Age 40: 37% will experience a disability for 3.9 years
- Age 45: 33% will experience a disability for 4.2 years
- Age 50: 28% will experience a disability for 4.7 years
According to data collected for the 2010 census, more than 37 million Americans are categorized as disabled. More than half of these disabled individuals are still in their working years. The Social Security Administration reports that in 2012, 2.5 million disabled workers between the ages of 20 and 40 qualified for disability benefits.
Long Term Care Planning
The Department of Health and Human Services expects that by 2020, the number of Americans over the age of 65 who will require long term care will reach 12 million. Because most elderly individuals will not qualify for long term care, and because insurance premiums can be so expensive, you need to start including protections for disability and long term care in your estate plan as soon as possible.
At Finley Williams Law, PA, our legal team is here to help you create a strong estate plan that will protect your assets and help you avoid out-of-pocket expenses for your disability and long term care. We can help you appoint a guardian and set up powers of attorney that will ensure your interests are fully protected. Let us get to work for you today.
Call (727) 280-6837 to speak to a St. Petersburg probate, elder law, and estate planning lawyerabout how to protect your assets and loved ones.