Facts and Figures
2011 cost of care findings on a countrywide basis:
Homemaker Services (Licensed) $18/hour
-- Genworth Cost of Care Survey 2011
"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
“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
"One million Americans suffer from Parkinson's Disease and each year 40,000 new cases are diagnosed."
-- Parkinson's Disease Foundation
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
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
“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
“Every 70 seconds, someone develops Alzheimer’s disease.”
-- The 2009 Alzheimer’s Disease Facts and Figures, Alzheimer’s Association.
“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
76 million Baby Boomers were born between 1946 and 1964.
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:
Nursing Home (Semi-Private Room) $193/day
-- Genworth Cost of Care Survey 2011
"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
“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
“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
2011 cost of care findings on a countrywide basis:
Home Health Aide Services (Licensed) $19/hour
-- Genworth Cost of Care Survey 2011
2/3 of people over age 65 will need some kind of long term care in their lifetime.
Be Social!
Ben & Heather: The Best That Money Can Buy
Heather and Ben purchased policies from us in March 2008. At that time, Ben was 70 and Heather was 55. Ben had just retired from being a tenured professor at an Ivy League college and Heather was a high powered litigator. Heather really wanted Ben to have Long Term Care Insurance because of the disparity in their ages, and knowing that she would not be the best person to take care of him if/when the time came that he needed care. Ben said that he wouldn’t apply without Heather. They both applied and they were both approved. Heather even received the “preferred” health discount.
In January 2011, we got a call from Ben that Heather had suffered a stroke while in the courtroom. She was completely paralyzed on her right side. She suffered no cognitive impairment, but the doctors told her that she would be wheelchair bound for the rest of her life. Ben insisted upon being Heather’s primary caregiver. He took on that role for four weeks, but it exhausted him mentally and physically. Eventually, he had to file a claim for Heather. What a cruel twist of fate that it was Heather rather than Ben who needed long term care. The good news was that even though Ben wouldn’t pay for a bountiful policy for himself, he had insisted that Heather have the best policy money could buy. Heather’s policy was a “cash” policy with a Lifetime Benefit Period. Her “cash” policy continues to pay out $400/day for the care that she receives at home.