LTC Statistics

Some Startling Statistics

> 75% of people 65 and older will eventually need Long Term Care

> 42% under 65 years of age receive long term care services

> 35% of people who reach 65 will enter a nursing home in their lifetime

> Cost of nursing home care has gone up 7% per year for past several years

> About 75 percent of all single people and 50 percent of all couples spend their entire savings within one year of entering a nursing home.

> Over 75% of people who walk into a nursing home and stay over 90 days will spend down every single dime they have and then go on Welfare (Medicaid)

> 71% of claims have been paid to women.

> 50% of claim dollars are paid to claimants with mental disorders such as Alzhemier’s.

Who Pays for long term care?

Medicaid 42%         Out of Pocket 28%             Medicare 15%           Private Health Insurance 7%              VA Benefits < 2%
 
Are you covered on  all bases?  Your odds of utilizing insurance

  • Homeowner’s (1 in 1200)
  • Auto Insurance (1 in 240)
  • Major Medical Insurance (1 in 15)
  • Long Term Care (1 in 2)