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The Latest Long Term Care Statistics – 2019 Update

December 23, 2019 by Honey Leveen Leave a Comment

Christine Benz updates her “Must-Know Statistics About Long-Term Care” report every year and the newest LTC information is now available.  She is a Personal Finance Director at Morningstar and these annual reports are packed with invaluable long term care statistics. We’re so grateful to her for this!

No stranger to the value of long term care, Benz openly shares about her obsession (her words!). Both of her parents required it later in their lives. Even though her parents had the funds to pay for their LTC, “… it was still a terribly hard process for them, my siblings, and me.”

Ms. Benz’s statistics cover a broad spectrum. If you click on the link to the report, you’ll find that each statistic is linked to the underlying research.

Some Interesting Long Term Care Statistics

How long will we actually use our long term care coverage?

  • Women will need more LTC than men.
  • 48% of us will likely need LTC for less than a year.
  • 21% of us will likely need LTC for 2-5 years.
  • 13% of will will need LTC for more than 5 years.

She shows us who and at what age people will need LTC, and how long they’ll need LTC coverage. Women will need more LTC than men. Although 48% of us will need LTC for less than a year, 21% of us will need LTC for 2 – 5 years and 13% of us will need LTC for more than five years.

The Dementia Factor

  • 38% of Americans over the age of 85 have Alzheimer’s disease.
  • 64% of those afflicted are women.
  • From 2000 – 2017, Alzheimer’s-related deaths rose by 145% (deaths from heart disease decreased by 9% over the same period).

The Costs of Long Term Care

  • LTC costs rose dramatically between 2000 and 2015. They’re now more than $208 billion/year.
  • 51% of LTC costs were paid by Medicaid
  • The estimated lifetime cost of caring for a dementia patient is $350,174.
  • The median annual cost of living in a nursing home is $102,200 (depending on geographic location and facility amenities offered).

Statistics on the Unpaid Caregiver

  • 34.2 million people provided unpaid care to someone 50 years or older during the past 12 months.
  • Over 75% of these unpaid caregivers are women.
  • The average age of these unpaid caregivers is 49.2, while 34% are 65 or older.
  • 70% of caregivers experience work-related challenges due to their caregiving responsibilities.
  • If they are able to maintain their paying jobs, they report spending an additional 34.7 hours each week providing unpaid care.

Maintaining Your Independence

In light of the ever-increasing costs of long term care along with the increasing age of the U.S. population, the ability to afford effective medical care is more important than ever. Instead of relying on family or friends, consider the possibility of hiring trained professionals for your care. You can move into a safe, comfortable environment or receive regular visits in your own home.

Click here to receive a free, no-obligation quote for your own LTCi coverage. It’s a great time to learn what options are available to you in the future with just a little planning today.

Filed Under: Uncategorized Tagged With: Alzheimers Disease, Christine Benz, familial caregivers, LTC Claims, LTC costs, LTC Insurance, LTC Statistics, Medicaid, Morningstar, unpaid caregivers

How’s Your LTC IQ? Take a Fun Quiz

December 27, 2014 by Honey Leveen Leave a Comment

LTCi IQ TestI hope you’ll enjoy taking the quiz below. I used it with great success at a talk I gave yesterday. I awarded a lottery scratch-off ticket to each person who gave a correct answer (I gave them printed copies of the article and told them where to find the answers). My students were quite engaged and seemed to enjoy it.

The questions below come from an October 28, 2014 US News and World Report article called, You’ll Likely Need Long-Term Care, But How Will You Pay for It? This article is great because it’s accurate, brief, straightforward, and well-researched. The article links its statements to the studies documenting them.

Long-Term Care (LTC) IQ QUIZ

1) What percentage of caregiving is done by unpaid family members and friends, including spouses, children and relatives?

2) What percentage of unpaid caregivers had to make financial sacrifices?

3) What is the #1 cause of bankruptcy in the US?

4) Nationwide, what percentage of LTC costs does Medicaid pay?

5) What percentage of Americans own LTC insurance?

6) What percentage of Americans are concerned about LTC costs?

7) What is the correct age to consider buying LTC insurance?

8) What is the annual cost of nursing home care?

Answers

1) 90%. I’ve done prior blogs on this.

2) 37%. I’ve done prior blogs on this.

3) Medical expenses which include LTC.

4) Two-thirds. See my blogs on Medicaid.

5) 15%. This is on the high side, other sources say closer to 11%. Bottom line: not enough of us!

6) 74% say they’d forego a cup of Starbucks a day to pay their LTC premiums. But they aren’t doing so!

7) In your 40’s. I’ve done prior blogs on why this is so.

8) $50,000/year. This is an average and is not for the accommodations you’d desire. Check out Genworth’s annual cost of care survey to find all care costs in your locale.

Filed Under: Helpful Information About LTC, Information About LTC Tagged With: Honey Leveen, Long Term Care insurance, LTC, LTCi, Medicaid, unpaid caregivers, US News & World Report, www.honeyleveen.com

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Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
404 Royal Bonnet
Ft. Myers, FL 33908

Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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