Facts and Figures
2011 cost of care findings on a countrywide basis:
Home Health Aide Services (Licensed) $19/hour
-- Genworth Cost of Care Survey 2011
76 million Baby Boomers were born between 1946 and 1964.
“By 2050, 20% of America’s population will be over 65.”
-- National Council on Aging
2011 cost of care findings on a countrywide basis:
Nursing Home (Private Room) $213/day
-- Genworth Cost of Care Survey 2011
2011 cost of care findings on a countrywide basis:
Nursing Home (Semi-Private Room) $193/day
-- Genworth Cost of Care Survey 2011
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
“5.4 million Americans are living with Alzheimer’s disease. 2/3 are women. By 2050, as many as 16 million will have the disease.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
2011 cost of care findings on a countrywide basis:
Assisted Living Facility (1 Bedroom/Single Occupancy) $3,261/month
-- Genworth Cost of Care Survey 2011
“The nation’s 10 leading long-term care insurance companies paid over $10.8 million in daily claim benefits in 2010. Benefits paid by just these insurers totaled nearly $4 billion for the year.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
“86% of older adults have at least one chronic condition like heart disease, arthritis, diabetes, or cancer and 50% have two or more.”
-- National Council on Aging
“The average age at move-in of an assisted living resident is 84.6 years old. The median length of stay for assisted living is 21 months.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
"The typical caregiver is a family member who is a 48 year old woman who provides more than 20 hours of care each week."
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
2/3 of people over age 65 will need some kind of long term care in their lifetime.
"One million Americans suffer from Parkinson's Disease and each year 40,000 new cases are diagnosed."
-- Parkinson's Disease Foundation
“61% of respondents ranked having Alzheimer’s disease as their single greatest fear among disabling diseases in later life.”
-- Our Family, our Future: The Heart of Long Term Care Planning, Age Wave for Genworth.
“Every 70 seconds, someone develops Alzheimer’s disease.”
-- The 2009 Alzheimer’s Disease Facts and Figures, Alzheimer’s Association.
Most people prefer to receive long term are in their homes rather than in a facility setting.
Be Social!
Can Same Sex Couples Get LTCI Discounts?
The answer is “yes” with almost all long term care insurance companies. A couple can be a heterosexual couple who are married. A couple can be a heterosexual couple who aren’t married. A couple can be a gay or lesbian couple who are married. A couple can be a gay or lesbian couple who aren’t married. Some companies even discounts given for 2 family members of the same generation who live together. My advice would be that if you consider yourselves a “nontraditional” couple for whatever reason then you would want to make sure right up front that the agent you work with is aware of that during your initial phone conversation or initial e-mail. Because the discount for couples can be huge (up to 40% with some companies), the agent should make sure to recommend some (if not all ) companies where the appropriate couples discount would be available to you.