Below are some core Long Term Care statistics to consider when planning for your retirement. If a person has assets to protect, researching the Long Term Care statistics can be a good starting point to see if buying Long Term Care insurance might be a good idea.
Shocking Long Term Care Statistics
Fact: 75% of people 65 and older will eventually need Long Term Care.
Fact: About 80 million Americans will turn 50 over the next eighteen years. That is one person every eight seconds.
1 in 3 Workers will provide Long Term Care…
Fact: By 2020, due to the rapid retirement of baby-boomers, approximately one in three workers will be faced with providing some form of Long Term Care for their boomer parents.
The chances of needing Long Term Care are high. The question is: for how long will you need Long Term Care?
As you shop for Long Term Care Insurance, keep in mind that while you are protecting your assets, you need to take caution not to over insure yourself. At LTC Tree, we help you focus on adequate Long Term Care coverage while avoiding unnecessary bells and whistles. Such an approach will save you money on premiums for years to come.
Long Term Care Statistics on Claims Paid
Genworth Life Insurance Company which is the largest Long Term Care Insurance Company recently went over their current claims statistics on a conference call and gave the following data:
- Since 1974 they have paid claims on 162,700 cases.
- Paid over $7.7 Billion Dollars in Long Term Care Insurance benefits through December 2011.
- The youngest claimant was 27 years old. The oldest claimant was 103 years old.
- Genworth’s longest Long Term Care Insurance claim was 18.7 years.
- $1.2 Million was their largest single claim.
- 71% of claims have been paid to women.
- Genworth pays out $4.3 Million in claims every business day.
- 50% of claim dollars are paid to claimants with mental desorders such as Alzhemier’s.
Long Term Care Statistics on Claim Duration
- 43% of claims lasted for less than 1 year due to: short recoverable illness, sudden terminal illness, and single use of non-care giving benefits.
- The average length of claim that lasted more than a year was 3.9 years.
- 15% of their claims have lasted longer than 5 years.
More Long Term Care Insurance Stats
- The national average cost of care for just one year in a nursing home is approximately $80,850. In major cities like Boston and New York City, however, one year of Long Term Care can be as high as $120,000 or more.
- 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.
- 92% of all Long Term Care Insurance claims are for three years or less. 4.5% will need Long Term Care for more than six years.
- For every one person receiving Long Term Care in a nursing home, there are four people receiving home health care.
- The annual cost of lost productivity to companies from Long Term Care responsibilities for their employees is $25 billion a year, or about $4,000 per employee.
At LTC Tree, we give you the Long Term Care statistics you may not find elsewhere online or from other LTC insurance agents. Our goal is to make shopping for Long Term Care Insurance both hassle-free and as pleasant as possible. Check out our quote request below to get your own personal side-by-side quotes for the top blue-chip companies in the business.