- 70% of People Over 65 Will Need Long-Term Care
If you’ve ever had a loved one who needed professional care either from a nursing facility, assisted living center, or at home? If so, then you already know how devastating the expenses can be. If not then you may want to consider these numbers.
- Over the last 20 years the cost of Long-Term Care has doubled
- After you turn 65 you have a 70% chance of requiring Long-Term Care
- A 1 year stay in a facility costs $85,000 on average
- The average stay in a facility is 3 years long
- Medicare, in total, pays only about 10% of Long-Term Care costs**
Average LTC Projected Costs Covered by Medicare for those Turning 65 in 2019*
- % Covered By Medicare
- % Uncovered by Medicare
- % Covered By Medicare
- % Uncovered by Medicare
- What is Long Term Care and Why Should You Care?
- Are you looking for an insurance designed to pay for expenses you'll incur if you are unable to care for yourself and need support? You should be concerned because no other insurance pays for this kind of care and an unfunded Long-Term care event can ruin even the most carefully constructed financial plan.
- *According to Versta Research, 2017 LTC Marketing Thought & Leadership Research, Findings from Surveys of Advisors and Consumers
- **According to the Department of Health & Human Services - Long-Term Services And Supports For Older Americans: Risks And Financing Research Brief, 2015, Table 3A
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- ``Most LTSS is not medical care, but rather help with basic personal tasks of everyday life. Medicare does not cover this LTSS (also called custodial care) if that is the only care needed. Most nursing home care is custodial care. Medicare does cover care in a Long-Term Services & Support hospital, skilled nursing care in a skilled nursing facility, eligible home health services, and hospice and respite care.``
