Long Term Care Insurance

Long Term Care Insurance
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State of Aging Report 2007

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Long Term Care Insurace dictionary
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Long term care facts
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LTC Glossary

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Long Term Care Statistics

1. In 1996, there were 35 million persons over age 65 and by
2020, there will be 52 million people in the United States age 65 and older.

2. In 1996, there were 49,000 persons over age 100 and by 2050, the number will be over 600,000.

3. Of those over age 85, 47% will be diagnosed with Alzheimer's Disease in their lifetime.

4. 43% will enter a Nursing Home.

a) Women stay in Nursing Homes 45% longer than men.
b) 20% of Nursing Home stays last longer than 5 years.
c) Ages 65-74 occupy 16% of available beds.
d) Ages 75-84 occupy 38% of available beds.
e) Ages 85 plus occupy 36% of available beds.
(New England Journal of Medicine, Feb.1991 & NatI Center for
Health Statistics, 1995)

5. 60% will require some form of Long Term Care in their lifetime. (Dept. of Economics at Boston Univ. & LifePlans, Inc., 1995)

6. 70% of couples will have one partner enter a Nursing Home or will utilize some form of Long Term Care.(Wall Street Journal 4-23-90)

7. 30% need some form of Long Term Care now.

8. 1.5 Million persons are currently in, Nursing Homes.

9 . 6.5 Million persons live outside Nursing Homes but NEED
assistance with the simple Activities of Daily Living (Ad's) i.e.
bathing, eating, dressing, toileting, and transferring.
a) Ages 65-74,13% require some assistance with ADL's.
b) Ages 85 and over, 46% require some assistance with ADL's.
10. Average Nursing Home confinement is 913 days (2.5 years).

11. In 1993, the average Nursing Home cost Was over $45,000 per person per year.

12. 80% of singles are impoverished within one year of admission into a Nursing Home.(U.S. House Committee on Aging, 1986)

13. 50% of couples are impoverished within six months of one spouse's
confinement to a Nursing Home. (Wall Street Journal June 1988)

14. 69% of singles and 34% of couples exhaust their assets after 91
days.(Harvard University study)

15. Long Term Care costs reflected in a 1997 study by the Health Care
Financing Administration:
a. 32.5% paid by self or familial (Harvard study confirmed)
b. 37.9% paid by Medicaid (after Spend Down is completed)
c. 6.3% paid by other
d. 17.8% paid by Medicare, Medicare Supplement, & Conventional
Health Care Policies (Harvard study confirmed)
e. 5.5% paid by private insurance

16. 4% expressed the desire to live with and be cared for by
their children.

17. Todav's average woman will spend more time caring for her parents
than she spent caring for her children. (Dimensions on
LTC - publication Oct.1995)

18. The US Bureau of Labor Statistics states "by the year 2000,
37% of US workers will be more concerned with caring for a parent
than for children. That figure will reach 50% by 2020."

19. Long-distant caregivers are nearly 50% male, 70% are employed, and the average age 46. Caregivers' roles are destined to increase as Medicaid and Medicare funding (the lack thereof) shift more responsibility to family members. (National Council on Aging report with excerpts printed in The Wall Street Journal 3-12-97)

20. 39.6% of all persons receiving some form of Long Term Care are between the ages 18 and 64.(EBRI July 1995)

 

 


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