Facts and Figures Regarding Long-Term Care
Because there are many misconceptions regarding long-term care, it’s important to know the actual facts. Below are a few statistics and figures related to long-term care as well as their sources.
70% of people turning age 65 can expect to use some form of long-term care in their lives.
The median annual rate of care in the U.S. is $45,188 for home health care and $87,600 for nursing home care, and yet the average savings of a 50 year old is only $43,797.
Nearly 41% of long-term care is provided to people under 65 years old who need assistance due to diseases, injuries, disabling conditions, or accidents.
Long-term care doesn’t necessarily mean entering a nursing home right away. In fact, most care is provided at home. Around 43% of all individual long-term care insurance policy benefits went for home care.
Family members who provide long-term care experience negative effects. 53% of family caregivers had lost personal time which affects their relationships and well-being. 44% had to work fewer hours and 20% had direct loss of career opportunities.
About 42.1 million unpaid family caregivers provided an estimated value of $450 billion in 2009.
While about 1/3 of people 65 years old may not ever need long-term care services, 20% will need long-term care for longer than 5 years.
Average life expectancy in the U.S. did not reach 65 until 50 years ago. But now, at age 65, you could expect to live up to 18.4 years more, which could be comfortable with sufficient planning.
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