Facts and Figures
2011 cost of care findings on a countrywide basis:
Adult Day Health Care $60/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
Long Term Care Insurance may be deductible if you own a business or itemize your medical expenses.
76 million Baby Boomers were born between 1946 and 1964.
“Every 70 seconds, someone develops Alzheimer’s disease.”
-- The 2009 Alzheimer’s Disease Facts and Figures, Alzheimer’s Association.
2/3 of people over age 65 will need some kind of long term care in their lifetime.
2011 cost of care findings on a countrywide basis:
Nursing Home (Private Room) $213/day
-- Genworth Cost of Care Survey 2011
"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
“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:
Assisted Living Facility (1 Bedroom/Single Occupancy) $3,261/month
-- Genworth Cost of Care Survey 2011
Most people prefer to receive long term are in their homes rather than in a facility setting.
“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
Average age of consumers who purchase Long Term Care Insurance is 55 to 64.
“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
“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:
Homemaker Services (Licensed) $18/hour
-- 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
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Employers
Tobe Gerard Insurance, LLC is happy to work with…
Employers
Who are Interested in Exploring Long Term Care Insurance
Being an employer today can be a real juggling act. One of the areas that employers struggle with is how to provide meaningful employee benefits that won’t cost them an arm and a leg. The good news is that employers of all sizes can now offer one of the most sought after benefits, Long Term Care Insurance. There are Long Term Care Insurance options that will suit every employer’s budget. Here are summaries of the three most common ways that employers are introducing Long Term Care Insurance:
100% Voluntary Long Term Care Insurance
With Voluntary Long Term Care Insurance, the employer makes no financial contribution towards the cost of employee’s policies. Employees who would like to purchase policies will be personally responsible for the premium. Because the employer is offering this benefit, underwriting concessions and employer sponsored discounts will usually be available.
100% Employer Paid Long Term Care Insurance
This option is used predominantly when an employer would like to “Carve Out” some key employees and reward them with a Long Term Care Insurance policy. Because Long Term Care Insurance is not part of a Section 125/Cafeteria Plan, employers can “discriminate” and provide Long Term Care Insurance for some employees and not for others. The employer can “Carve Out” based upon criteria such as longevity, title, salary, family, etc. Because the employer is offering this benefit, underwriting concessions and employer sponsored discounts will usually be available.
Partly Employer Paid Long Term Care Insurance
With Partly Employer Paid Long Term Care Insurance, the employer is making some financial contribution towards the employee’s policies. Employees who would like to “buy up” to more bountiful policies will be personally responsible for the premium for this “buy up”. Because the employer is offering this benefit, underwriting concessions and employer sponsored discounts will usually be available.