Long Term Care Risk
Today, about 14 million Americans are receiving some form of Long Term Care. Nearly 40% of these people are aged below 65 years. For the healthy, average American, that should bring up the question – what’s your long term care risk?
Statistics suggest that by 2020, about 17 million Americans will be receiving LTC. By 2050, this number will go up to over 27 million. These are pretty significant statistics.
According to the Wall Street Journal, a couple that’s just turning 65 years old has a ¾ chance that one of them will end up needing LTC. At this rate, entire families can be affected, burdening children and putting them at the risk of negative inheritance.
Compare your Long Term Care Risk
Based on a study done by the National Academy of Elder Law Attorneys, the risk that you’ll need Long Term Care is 50%. This is huge given that in the same study, the risk of automobile accident came out as 0.4%, while the risk of a house fire was 0.08%. The irony of it is that most people insure their cars from the risk of accidents, and their homes from the risk of fires, but do not even think about Long Term Care.
Further research has spelled out that 20 percent of all folks over the age of 65 need help with ADLs (Activities of Daily Living). When we jump to the age of 85, the number of people who need help with ADLs goes to about 50%. But it gets worse when an elderly individual is so handicapped that they need to be admitted in a nursing home.
Here’s your risk of being admitted to a nursing home at one time or the other:
- If you’re currently 45 years or older, there’s a 36% chance that you’ll stay at a nursing home.
- If you’re 65 years or older, there’s a 50% chance that you’ll stay at a nursing home.
- If you’re 85 years or older, there’s a 56% chance that you’ll stay at a nursing home.
It’s important to think about what your plans are for yourself or family members in the case there’s need for Long Term Care. The cost of LTC services is devastating, which means that for the average family, they simply cannot bankroll it from savings. If you’re looking to get your peace of mind and safeguard your assets from the destructive costs of care, Long Term Care Insurance is the way to go.
At LTC Key, we independently work with the top carriers in the market to help our clients shop for the best LTC Insurance deal. Simply fill the form below and we’ll send you comparative quotes from the leading blue-chip carriers within the next business day.