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Welcome to Commonsense Financial Planning.Common sense answers to questions on financial planning, risk management, and investing. |
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Welcome to Commonsense Financial Planning.Common sense answers to questions on financial planning, risk management, and investing. |
Long Term Care Insurance
Fact Sheet
Fact:43% of people over age 65 will spend time in a nursing home.
The New England Journal of Medicine, 1991.
Fact:
7 of 10 couples over age 65 will have at least one partner use nursing home care.
US Department of Health & Human Services, 1991.
Fact:
For each person in a nursing home, 3 people get care in their homes.
American Health Care Association, "Quality for Life," May, 1993.
Fact:
Nursing home populations are 71% female.
Journal of American Society of CLU and CFC, November, 1992.
Fact:
The average woman lives 7 years longer than an average man does.
Senior Beacon Greater Washington Area, April, 1995.
Fact:
The average length of a nursing home stay is 2.5 years.
Trust & Estates, March, 1996.
Fact:
Today's nursing home stays cost an average of $46,000 per year.
Wall Street Journal, July 23, 1997.
Fact:
Today's cost of an average nursing home stay is $115,000.
Wall Street Journal, July 23, 1997 and Trusts & Estates, March, 1996.
Fact:
Today, assisted-living facilities may cost $20,000-$48,000 per year.
Wall Street Journal, July 23, 1997.
Fact:
Nursing home costs rose roughly 20% between 1994 and 1997.
Wall Street Journal, July 23, 1997.
Fact:
In 20 years, an average nursing home stay will cost $305,000.
Uses $115,000 as the average cost today and assumes a 5% annual inflation rate.
Fact:
Medicaid: before it begins to cover the cost of care, elderly people must deplete enough assets to become poor enough to qualify for aid.
The New York Times, January 14, 1995.
Fact:
Medicare only covers 6% of long term care costs nationally.
The Western Journal of Medicine, January, 1994.
Fact:
The risk of a home being destroyed by a fire is:
1 in 1,200.
The risk of a major loss from an automobile accident is:
1 in 240.
The risk of incurring a major long term care expense is:
1 in 5.
T. Sadler & D. Newman, "Making the Transition to LTC," LAN, November, 1993. Department of Health & Human Services.
Fact:
For every 1,000 people, 5 will face a house fire, 70 will have an auto accident, and 600 will require long term care.
Society of Actuaries, 1995, and HIAA, 1994.
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