STATISTICS REGARDING LONG TERM CARE
The following statistics will give you some information regarding Long Term Care, including the percentage of people who will need Nursing Home Care, and the approximate amount paid for claims.
Alarming Long Term Care Statistics:
- More than 70% of Americans over 65 will need Long Term Care services at some point in their lives, according to a study by the U.S. Department of Human Services.
- From January 2010, 10,000 “baby boomers” to retire each day for the next 19 years, approximately totaling an astounding 70 million Americans.
- In 2011, 43.5 million adult caregivers care for someone 50+ years of age, and 14.9 million care for someone who Alzheimer’s disease or dementia.
Long Term Care Insurance Claims:
(the following data is from Genworth Insurance Company study in 2014.)
- Youngest claimant: 27 years old
- Oldest claimant: 103 years old
- Most expensive claim: $1.3 million
- Percentage of claims lasting longer than 5 years: 15%
- Average length of claim if more than 1 year: 9 years
- Percentage of claims lasting longer than 1 year: 50%
- $10.7 Billion dollars paid out in benefits from 1974 to 2014
- Between 1993 and 2003 there was a 35% increase in Alzheimer patients
Other Long Term Care Statistics:
- 1 million people are protected with Long Term Care Insurance
- 322,000 people obtained Long Term Care Insurance in 2012
- Over 264,000 people received Long Term Care benefits in 2012
- The average cost of a nursing home is approximately $85,000 per year
- Women need care for an average of 3.7 years
- Men need care for an average of 2.2 years
- Approximately 75% of single people will spend entire life savings within 1 year in nursing home
- Approximately 50% of all couples will spend entire life savings within 1 year in nursing home
Your local agent who sells home or life insurance probably would not have these statistics because she/he does not specialize in Long Term Care as Long Term Care USA does. Chances are that your local agent also will not carry the extensive number of Long Term Care Insurance Companies that Long Term Care USA represents. Our goal is to provide you with all the significant statistics and the most comprehensive group of Long Term Care Insurance Companies so that you can make an intelligent decision with your purchase of Long Term Care insurance.
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comparison guide for LTC Policies in the USA today
- Price comparison quotes from all the top insurance companies in the USA, including their financial profile, size, and A. M. Best ratings.
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- We show you the policy similarities and differences.
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Carriers quoted will vary from state to state.)