Long Term Care Facts
- In 2005, about nine million men and women over the age of 65 will need long term care. Health Insurance Association of America, A Guide to Long Term Care Insurance, 2002.
- More that half of us will need some type of in-home care or assistance as we get older.Long Term Care Group, Oct. 1990.
- Home care can cost $15 to $50 per hour. Long Term Care Planning Guide, United Seniors Health Council, January, 2001.
- 1 of 2 people over age 85 will suffer from a cognitive impairment. Stephen R. McConnell, Alzheimer's Association, New York Times, 313 11200
- Approximately one out of every four U. S. households (23%, or 22,400,000) provides care to a relative or friend age 50 or older. American Society on Aging, "Care for Caregivers - A Profile of Informal and Family Caregivers, 2002
- 40% of the 13 million Americans currently receiving long term care are between the ages of 18 and 64. Americans for Long Term Care Security, July, 1999.
- Less than 25% of people currently receiving long term care are in nursing homes. The other more than 75% are receiving care in their own homes or in other community settings. MetLife Mature Market Institute, 2005.
- No matter what age you are now, it is unlikely that you will ever pay more in total premiums for long term care insurance over your lifetime than you would pay for a one year stay in a nursing home.
- The annual premium for long term care insurance more than doubles from age 50 to age 60 and more than triples from age 55 to age 65.
- Premium rates are determined by the amount of coverage the buyer feels is appropriate to his or her individual needs and can vary greatly.
