Long Term Care
Long Term Care
What is it?
Long-term care (LTC) is the assistance that is provided to people who are unable to perform the Activities of Daily Living (ADLs) that healthy, fully-functional people do independently and on a daily basis.
The need for long-term care services arises from chronic health conditions and/or physical disabilities – such as a stroke, Multiple Sclerosis, Parkinson’s or Alzheimer’s disease, and are provided over a long period of time. Some people mistakenly assume that most people receive long-term care services in nursing homes. In actuality, a number of people in need of long-term care services receive them at an assisted living facility or in one’s own home.
In September 2008, the US Department of Health and Human Services reported that at least 70 percent of people over age 65 will require some long-term care services at some point in their lives. We strongly believe that once an individual reaches the age of 60, it is a good idea to consider long-term care insurance as an integral part of a well-rounded financial plan. It may help protect your hard-earned assets, and provide more control over how and where you receive care should you need it. Below, you will find a link to our Consumer’s Guide to Long Term Care Insurance.
Did you know?
Studies reported that at least 70 percent of people over age 65 will require some long-term care services at some point in their lives.
- The 2006 average daily rate for a private room in a nursing home is $206 ($75,190 annually), a 6.8% increase from the 2004 rate of $192 per day. (Met Life Market Survey, 2006)
- In 2000, the annual cost estimates for adult day care were $13,000 and $25,300 for assisted living. (Stucki, B.R., and J. Mulver, Washington, DC: American Council of Life Insurers, 2000)
- By 2030, many retirees will not have enough income and assets to cover basic expenditures or any expenses related to a nursing home stay or service from a home health provider. (VanDerhei, J., and C. Copeland. Can America Afford Tomorrow’s Retirees: Results from the EBRI-ERF Retirement Security Projection Model [Issue Brief#263]. Washington, DC: Employee Benefit Research Institute, 2003.) More than half of the US population will require long term care at some point in their lives. (Americans for Long-Term Care Security, www.ltcweb.org, August 2000)
- One out of five Americans over the age of 50 is at risk of needing long term care in the next 12 months (Americans for Long-Term Care Security, www.ltcweb.org, August 2000)
- For couples 65 and over, there is a 75% likelihood that one partner will need long term care. (The Wall Street Journal, June 2000)
- 60% of people over age 75 will need long term care and need care for approximately 3 years (Business Week)
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