Long-Term Care
What is Long-Term Care Insurance?
Long-term care is the type of care received, either at home or in a facility, when someone needs assistance with activities of daily living (bathing, dressing, toileting, transferring, continence and eating) or suffers severe cognitive impairment (such as Alzheimer’s disease).
The Population is Aging
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In 1997 there were 34 million people or 12.8% of the population over the age 65.
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By 2030, there will be 70 million people over the ago of 65 and 19 million people
over the age of 85. -
The fastest growing segment of the U.S. population is the elderly over the age of 65.
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Medical technology is extending life but not always to a fully functional level.
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Approximately 30% (9.9 million) of all non-institutionalized older persons lived
alone in 1995. They were comprised of 42% of older women and 17% of older men. -
Over 7 million elderly people have some form of disability for which they require assistance.
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Nearly two-thirds of disabled elderly rely exclusively on their families and other
unpaid sources for their care. -
Four out of every ten older people will stay in a nursing home at least once, and
nearly 1 on 10 will stay for 5 or more years. -
7.3 million Americans needed long term care in 1994. In the year 2000, the
number increased to 9 million and will skyrocket to as many as 24 million by 2050.
Benefits of Long Term Care
Dignity - The insured is not dependent upon family members, (if they chose) and other
loved ones for care.
Dignity - The insured is able to choose the long term care services and providers.
Dignity - The insured is able to protect their standard of living and their family’s
financial security.
Dignity - The insured is able to maintain their assets and their estate.
Dignity - The insured is not dependent upon the government for care.
Who Needs Long Term Care?
- Persons planning for immediate retirement
- Persons over the age of 50
- Those persons of all ages who wish to preserve their assets.
- People who do not want to be a burden on their family
- People who are currently care givers to others
- People who do not have children
- People who have seen the struggles of others providing care
What is the Cost Today of Long Term Care?
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A year in a nursing home now averages more than $40,000 nationally and more
than $100,000 in the New York Metropolitan area. -
An individual with disabilities living at home may pay over $36,000 for assistance
of home health aides nationally and over $80,000 a year in the Metropolitan area. -
On average, assisted living facilities facilities charge $26,000 per year nationally
and can be more than $60,000 in the New York Metropolitan area.
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For information regarding Long Term Care or other plans that may not be listed,
email us at info@mackoul.com.