Long Term Care Statistics

This page highlights some Long Term Care statistics that you should be familiar with. All the more, you’ll see why there’s need to plan for your retirement. If you have assets to protect, acquainting yourself with some these Long Term Care Stats will give you a starting point. You’ll understand the situation on the ground and get the materials you need to decide whether Long Term Care Insurance might be a good fit for you.

Astonishing Long Term Care Stats

Stat 1: 75 percent of people aged 65 years and above will need Long Term Care at some point in the future.

Stat 2: Every 8 seconds, one American turns 50 – that means over 80 million Americans over the next 18 years.

Stat 3: Because of the swift retirement of baby-boomers, about one in three American workers will be providing some form of Long Term Care for their boomer parents by 2020.

The chances that you’ll need Long Term Care are higher than ever. It’s just a question of ‘how long you’ll need this care for’.  As you embark on the task of shopping for Long Term Care Insurance towards the goal of protecting your assets, take heed not to over-insure yourself. LTC Key helps you find the right balance between too much and too little coverage. This approach saves you money on premiums for years, and makes sure that you’ve got the right plan in place for your post-retirement expenses.

Claims Paid – Long Term Care Statistics

The largest LTC Insurance Company, Genworth Life Insurance, recently highlighted their claim statistics on a conference call and provided the following data:

  • Ever since 1974, the firm has honored 163,000 claims.
  • Genworth Life Insurance paid $7.7 Billion in Long Term Care Insurance Benefits through December 2011.
  • The company’s youngest claimant was just 27 years old, while the oldest was 103.
  • The firm’s longest claim for Long Term Care insurance was after 18.7 years.
  • Genworth’s biggest single claim entailed $1.2 million.
  • 71 percent of claims were paid to women.
  • 50 percent of all claim dollars were paid to individuals suffering from mental ailments such as Alzheimer’s.
  • Every single business day, Genworth pays out $4.3 million in claims.

Claims Duration – Long Term Care Stats

  • 43 percent of claims lasted less than 12 months due to sudden terminal illness, short recoverable illness, as well as one-time use of non-care giving benefits.
  • 15 percent of all claims lasted for more than 5 years.
  • 3.9 years was the average duration for a claim that lasted more than 12 months.

More Stats on Long Term Care

  • In a nursing home, the nationally average care cost is $80,850 over a period of one year. In large cities such as New York City, Boston and others, this cost can shoot up to $125,000 or even more.
  • About three quarters of single people and half of couples in the U.S exhaust their entire life’s savings within one year of starting a nursing home stay.
  • Over 90 percent of LTC Insurance Claims last for 3 years or less. Only 4.5 percent of LTC claims last more than 6 years.
  • For every 1 person getting Long Term Care at a nursing home, there are 4 who are getting home health care.
  • Each year on average, companies lose productivity valued at $25 billion due to Long Term Care responsibilities for their employees. That’s roughly $4000 per employee.

At LTC Key, our team provides you with Long Term Care stats and other information that you may not find anywhere else in the internet. We take the bar a notch hire especially when compared to other LTC insurance agents. It’s our goal to make shopping for LTC Insurance both easy and convenient for you. You can fill our quote request form below and we’ll mail you personal comparative quotes from the best blue-chip carriers in the industry.