Facts and Figures
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
“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 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
2011 cost of care findings on a countrywide basis:
Nursing Home (Private Room) $213/day
-- Genworth Cost of Care Survey 2011
“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.
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
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
76 million Baby Boomers were born between 1946 and 1964.
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
2011 cost of care findings on a countrywide basis:
Nursing Home (Semi-Private Room) $193/day
-- 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
Most people prefer to receive long term are in their homes rather than in a facility setting.
“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
"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 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
2011 cost of care findings on a countrywide basis:
Home Health Aide Services (Licensed) $19/hour
-- Genworth Cost of Care Survey 2011
Be Social!
Rob & Katy: A Tragic Accident
Rob and Katy purchased Long Term Care Insurance policies from us in July 2004. Rob was 56 at that time and Katy was 53. They were both in excellent health. They both had high level jobs within the hospitality industry. They had two children both of whom had graduated college and were living on their own. Rob and Katy were excited that they were finally able to focus on saving for their retirement.
In December 2009, we got a call from Katy. Rob had been in a terrible car accident. An elderly man had crossed over from his lane of traffic directly into Rob’s lane and had hit Rob head on. Rob was med-flighted to an area hospital where surgery was performed because multiple parts of his body were either broken or crushed. Rob remained in the hospital for ten days and was then sent to rehab where he spent the next four months trying to get back to his baseline. Rob has been home since then. He is no longer able to work. Katy has shortened her work day and tries to do as much as possible from her home office, but Rob still needs care for a minimum of four hours/day five days/week when she can’t be with him. Fortunately, he had an excellent disability policy through his employer allowing him to contribute in that regard and keep their lifestyle relatively intact. But the biggest benefit was that Rob’s claim for benefits under his Long Term Care Insurance policy was approved without incident. He had a “0” day deductible for home care. His policy continues to pay up to $150/day for the services that he requires.