Broker Check

LTC Facts and Figures

1) At Least 70% of people over age 65 will require long-term care services at some point in their lives.

2) Although the majority of individuals who receive long-term care services are age 65 and above, 42 percent are people with disabilities and chronic illness under age 65.

3) Nationally, the median cost for a private room in a nursing home is $75,190.

4) Over two-thirds (67.5%) of LTC insurance individual claim dollars are paid to woman.

5) By 2050, the number of individuals using paid long-term care services in any setting will likely double from 13 million in 2000 to 27 million people.

6) Ages when people apply for Long-Term Care Insurance

Under 35 1%
35 – 44 6%
45 – 54 26%
55 – 64 50%
65 – 74 15%
75 or older 2%

 

7) Average daily benefit amount for Long-Term Care Insurance Policies

Less than $50 5%
$50 - $99 10%
$100 - $149 35%
$150 - $199 33%
$200 and above 21%

 

8) Average Long-Term Care Insurance Benefit Period

2 years 6%
3 years 25%
4 years 14%
5 years 26%
6 – 10 years 11%
Lifetime 18%

9) Percent of new Long-Term Care Insurance applicants declined coverage due to health conditions

Under age 50 9.5%
Ages 50 – 59 14%
Ages 60 – 69 23%
Ages 70 – 79 45%
Age 80 and over 66%

 

#1 Provided by US Dept. of Health and Human Services Sept. 2008
#2 Provided by Kaiser Commission 2009
#3 Provided by Cetera 2010 cost of care survey, conducted by CareScout, April 2010.
#4 #6, #7, #8, and #9 Provided by American Assoc. for Long-Term Care Insurance 2010
#5 Provided by US Dept. of Health and Human Services