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- Persons who reach age 65 face at least a 40% lifetime risk of entering a Nursing Home. About 10% will stay there five years or longer.
- Between the ages of 65 and 74, there are 7 disabled people living in the community for every one in a nursing home. Between ages 75 and 84, there are 3 disabled people living in the community for every one in a nursing home. At age 85+ there are 1.2 disabled people in the community for every one in a nursing home.
- More than 35 million Americans are currently 65 and older.
- By 2020 the 65 years and older segment is projected to exceed 53 million.
- Nursing home care average annual costs (semi-private) is $57,764.90 - Double that in some areas.
- Home Care on average costs $18.00 per hour - over $52,000 per year for 8 hours of care per day.
- The average length of stay in nursing homes is 2.4 years.
- More than half of all nursing home residents run out of money within the first year and qualify for welfare/Medicaid.
- Over 80% of persons receiving long term care are in home and community-based settings, not in nursing homes.
- Estimates show that the number of elderly persons who need long term care could grow by 35% over the next 20 years, and by 82% over the next 40 years.
- Close to 80% of all long term care patients simply need help with the activities of daily living rather than medical treatment.
- According to estimates by the Center for Medicare and Medicaid Services, two out of every five people in the US will eventually require some form of long term care.
- LTCi helps provide the individual better care - on average 14 more hours per week of personal care.
- Individuals who delay purchasing LTCi run the risk of failing underwriting screens later in life. 1 in 9 people who would pass underwriting screens at age 40 would fail by the time they reach 65.
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