Long Term Care Insurance – Statistics that will Scare You
by Heather Mosher

Long Term Care Insurance – Statistics that will Scare You

If the thought of having to discuss you and your spouse’s long term care needs wasn’t scary enough – we have compiled some surprising facts that should help point you in the direction of having this discussion sooner than later!  Read below to educate yourself on some things that may help you to make this decision.  After you’re done, get your personal insurance advisor on speed dial and schedule an appointment to review your own needs.

  • Average need for care 1040 days – (www.aaltci.com – American Association for Long Term Care Insurance)
  • Someone turning 65 today has almost a 70% chance of needing some form of LTC in their life – (DHS website)
  • 20% of today’s 65 year olds will need LTC for more than 5 years – (DHS website
  • Women on average need LTC for longer than men (3.7 years vs 2.2 years.) – (DHS website)
  • In 2012, there was $6.6 Billion in Long Term Care benefits paid from insurance plans alone – (aaltci.com)
  • Over 50% of those purchasing LTCI benefits do so between the ages of 55-65. (Did you know that the cost is higher the longer you wait to purchase?) – (aaltci.com)
  • Since 2005, almost 1 out of every 2 Americans were diagnosed as having a chronic disease – (CDC website)
  • 7 out of 10 deaths each year are from chronic diseases – (CDC website)
  • About one fourth of people with chronic conditions have limitations on at least 1 activity of daily living.   – (CDC website)
  • 50% of LTCI claim dollars are used to pay for the chronic disease Alzheimers (or Dementia related illnesses)  – (https://www.ltctree.com/long-term-care-statistics/)

For some great, non biased information, go to the federal governments site on long term care to learn more about the issues.  www.longtermcare.gov

As soon as you’re ready, contact your personal risk advisor to conduct a needs analysis for you and your spouse.  They will be able to guide you through the process of looking at options and finding a plan that fits your needs.

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