Facts and Figures
2011 cost of care findings on a countrywide basis:
Nursing Home (Private Room) $213/day
-- Genworth Cost of Care Survey 2011
"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:
Assisted Living Facility (1 Bedroom/Single Occupancy) $3,261/month
-- Genworth Cost of Care Survey 2011
“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
“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.
“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
2011 cost of care findings on a countrywide basis:
Adult Day Health Care $60/day
-- Genworth Cost of Care Survey 2011
76 million Baby Boomers were born between 1946 and 1964.
2011 cost of care findings on a countrywide basis:
Homemaker Services (Licensed) $18/hour
-- Genworth Cost of Care Survey 2011
2011 cost of care findings on a countrywide basis:
Home Health Aide Services (Licensed) $19/hour
-- 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
“By 2050, 20% of America’s population will be over 65.”
-- National Council on Aging
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
Most people prefer to receive long term are in their homes rather than in a facility setting.
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
Be Social!
What If We Retire to Another State?
I’m writing this entry from San Diego where I am visiting my daughter for a few days. California is just about as far across the country from my own home in Massachusetts as one can go. I was thinking about the question that I’ve been asked many times: “We’re living in MA now but what if we retire to CA or NC or AZ?” The first part of my answer is that your policy is portable and goes with you throughout the U.S. to whichever state (and sometimes whichever country) you may live in in the future. The second part of my answer is that the cost of care is vastly different from one of our country to the other. That means that a policy that you purchase in New England will give you a lot more bang for your buck in Texas or Oklahoma or Nebraska. When I am working with clients I always ask them where they plan to be living in retirement because knowing that important piece of information may affect the amount of the daily benefit they decide to purchase today.