Will You Need Long Term Health Care Insurance?
Not everyone needs long term health care insurance or long term care. Statistics are one thing but your personal life experience is another. The statistics say that 1 out of 3 men, 1 out of 2 women and 7 out of 10 couples will experience a long term care need.
Right now in the United States the fastest growing segment of the population is over 80. As people live longer they develop long term care needs in the later years of their life. Of those people who are 85 years and older about 55% of them are impaired and require long term care.
Estimates say that by the year 2020 some 12 million older Americans are going to need long term care. Since long term care is not paid for by government programs such as Medicare these expenses must be met by the individual.
Many people are under the impression that long term care costs will be paid for by the government but that only occurs when individuals, or couples, have spent their money first.
Long term care is very expensive in both dollars and time. It's estimated that about 70 percent of care comes from family members and friends. It's also estimated that this care costs billions of dollars annually in lost hours from work.
Just look a some of these statistics. The below is taken from the National Family Caregiving Association and the National Alzheimer's Association.
- An estimated 4.5 to 5 million Americans have Alzheimer's disease. In a Gallup poll, 1 in 10 Americans said that they had
a family member with Alzheimer's and 1 in 3 knew someone with the disease.
- A person with Alzheimer's will live an average of eight years and as many as 20 years or more from the first onset
of symptoms.
- More than 7 out of 10 people with Alzheimer's disease live at home, where family and friends provide 80 percent of their
care. The estimated value of this informal care is $257 billion annually.
- One half of the U.S. population has a chronic condition. More than one quarter (26.6%) of the adult population provide
care for a chronically ill, disabled or aged family member or friend, which translates to more than 50 million people
involved with care-giving.
- 37% of caregivers are living in the same household as the person they care for. 54% are between 35 and 64 years of age.
59% of the adult population either is or expects to be a family caregiver, and 2 million more caregivers will be needed in
the next twenty years.
- An estimated 43% of Americans age 65 or older will spend time in a nursing home. By 2012, 75% of Americans over age 65
will require long-term care. Long-term care costs are rising at 6% annually.
- The annual cost of Alzheimer's care in the U.S. is at least $100 billion, and it will soar to at least $375 billion by
mid-century, overwhelming our health care system and bankrupting Medicare and Medicaid.
- Alzheimer's disease costs American business $61 billion a year, which is equivalent to the net profits of the top 10
Fortune 500 companies. $24.6 billion covers Alzheimer health care, and $36.5 billion covers costs related to caregivers of
individuals with Alzheimer's, including lost productivity, absenteeism and worker replacement.
Long term care is a serious and expensive business. This is why so many people consider long term care insurance retirement insurance.
If you haven't read "Insiders Secrets to Long Term Care Insurance; the Ultimate Consumer Buying Guide" consider investigating it today. Inside this guide you'll learn about long term care, the cost of paying for it and should you decide on insurance how to build the perfect policy. You'll also know about the hidden loopholes and terminology that insurance companies use to keep limit you and keep you from your benefits. Written by an ex long term care insurance specialist who now works as a consumer advocate.
