Today we are going to talk about Long Term Care.  Do you have long term care insurance?  Everyday 10,000 people turn 65.   Long care services included: home healthcare, adult daycare, assisted living and nursing home.

Here are some statistics:

·        52% of people turning 65 who will need some type of long term care services in their lifetime.

·        47% of men 65 and older who will need long term care during their lifetime

·        58% of women 65 and older who will need long term care during their lifetime.

·        2.5 average number of years women will need long term care.

·        1.5 average number of years men will need long term care.

·        45% of people requiring significant long term care help who are under age 65.

·        8% of people between age 40-50 will have a disability that requires long term services.

·        $341,840 estimated lifetime cost of care for someone with dementia.

·        $18,200 median annual cost for adult daycare.  (2017)

·        $45,000 median annual cost for assisted living facility.   (2017)

·        $ 97,455 median annual cost for nursing home, private room. $85,755 for semi-private room.   (2017)

Long care insurance policies start at age 30.  Unlike health insurance policies that tend to increase premiums every year,  long term care policies generally do not.  This is not saying they couldn’t.  We will dig in more next time into these types of policies.

Until next time,

Diane