Long Term Care is essentially care that is designed to provide for someone whose health will not be improving, unlike a hospital situation where the goal is to cure or get someone back to a normal lifestyle. Agents and advisors need to ask clients about this potential financial problem.
And, here are some reasons to find out more:
- At age 65, people face at least a 40% risk of entering a nursing home at some point in their lifetime and about 10% will have a stay of five years or longer. About 70% of those 65+ will need some type of care. (Source: AHIP, A Guide to Long-Term Care Insurance, 2004)
- Because women generally outlive men by several years, they face a 50% greater likelihood than men of entering a nursing home after age 65. (Source: AHIP, A Guide to Long-Term Care Insurance, 2004)
- The average daily rate in 2007 for a private room in a nursing home was $213, an increase of 3.4% from 2006. (Source: 2007 MetLife Market Survey of Nursing Home & Home Care Costs)
- The average length of a nursing home stay is about 2.4 years. (Source: CDC/NCHS Health Care in America, Trends in Utilization; U.S. Department of Health and Human Services; January 2004)
- At an average daily rate of $220, an average nursing home stay of 2.4 years currently costs about $192,000, making it virtually unaffordable for many Americans (Source: 2010 AALTCI Sourcebook).
- According to the U.S. Government Accountability Office, there are currently about 13,000,000 Americans receiving long term care, and almost 40% are UNDER age 65.
- And here is perhaps the most important point... MOST people who become unable to take care of themselves want to stay at home for as long as possible. Today's LTC policies have provisions that can help pay someone to provide care in the person's home.
- Call us for more information on LTC.