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)