Facts and Figures
"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
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
2011 cost of care findings on a countrywide basis:
Homemaker Services (Licensed) $18/hour
-- 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
“By 2050, 20% of America’s population will be over 65.”
-- National Council on Aging
“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.
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 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
"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
“Every 70 seconds, someone develops Alzheimer’s disease.”
-- The 2009 Alzheimer’s Disease Facts and Figures, Alzheimer’s Association.
“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
2011 cost of care findings on a countrywide basis:
Home Health Aide Services (Licensed) $19/hour
-- Genworth Cost of Care Survey 2011
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
2/3 of people over age 65 will need some kind of long term care in their lifetime.
“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
76 million Baby Boomers were born between 1946 and 1964.
Be Social!
Elder Care Doesn’t Have to Be a “Crapshoot”
We all hear the horror stories about long term care facilities but it doesn’t have to be that way. This month’s issue of Smart Money gives a closer look at geriatric-care managers and their role in the long term care field.
Smart Money February 2012