Facts and Figures
2011 cost of care findings on a countrywide basis:
Nursing Home (Semi-Private Room) $193/day
-- Genworth Cost of Care Survey 2011
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
“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
2/3 of people over age 65 will need some kind of long term care in their lifetime.
76 million Baby Boomers were born between 1946 and 1964.
"One million Americans suffer from Parkinson's Disease and each year 40,000 new cases are diagnosed."
-- Parkinson's Disease Foundation
"Each year about 600,000 Americans suffer their first stroke. 28% are under the age of 65."
-- A Consumer's Guide to Long Term Care Insurance
2011 cost of care findings on a countrywide basis:
Homemaker Services (Licensed) $18/hour
-- Genworth Cost of Care Survey 2011
“The U.S. Census Bureau projects that the population of 85 and over could grow to $19 million by 2050.”
-- American Association for Long-Term Care Insurance, 2011 LTCi Sourcebook, www.aaltci.org
“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
“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
Most people prefer to receive long term are in their homes rather than in a facility setting.
"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
“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
“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.
2011 cost of care findings on a countrywide basis:
Nursing Home (Private Room) $213/day
-- Genworth Cost of Care Survey 2011
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
"There are 23.6 million people in the U.S. who have diabetes and over 1.6 million new cases are diagnosed every year."
-- American Diabetes Association
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What Are “Combo” or “Hybrid” Products?
The last 5+ years have seen the introduction of what the industry calls either “combo” or “hybrid” products. In most cases the ones that I am familiar with have a long term care insurance component and a life insurance component. I know that some of the others involve an annuity component. “Combo” or “hybrid” products are a good fit for certain clients. The clients that I have sold these policies to are people who have already retired and have some “lazy” money sitting around be it in a savings account or a CD or similar financial vehicle that is earning very little interest. The way that they work is that you can tap into them for either long term care insurance or life insurance. If you need to use the policy for long term care then it’s available for that. If you never need to use it for long term care and then you die then the life insurance will pay a death benefit to your beneficiary. My attitude is that you will be able to purchase stronger long term care insurance coverage with your own long term care insurance policy, and you’ll be able to purchase stronger life insurance coverage with your own life insurance policy, but if you are trying to leverage more than one goal then a “combo” or “hybrid” product may be the answer. The “combo” or “hybrid” products that I have sold have all required a significant single premium to fund them. That is why in many cases they haven’t been as appropriate to my Baby Boomer clients as they have been to my retiree clients.