Long Term Care Statistics

Have a look on the following data for the Long-term care costs. You would certainly think to get an insurance policy on long-term care.

• The average person's chances of being admitted to a nursing home at some point of 65 years of age more than 4 in 10.
• One person in three who turned 65 in 1990 will stay a year in a nursing home. One person in 10 will stay five years or more. (NAIC)
• Recent studies report that two out of every five people aged 65 and over will enter a nursing home and stay an average of 2.5 years. (Life Insurance Selling, December 1995)
• In 1994, 7.3 million Americans needed long-term care (LTC) services at an average cost of nearly $43,800 per year. By 2000, this number rose to 9 million Americans at nearly $55,750 per year. Because of inflation, by 2060 it will skyrocket to 24 million Americans paying more than $250,000 per year to receive long-term care.
• On an average the nursing home care costs is about $40,000 per year.
• More than 90% of nursing home residents become insolvent within a year after admission as private-pay people.