Long Term Care Insurance
84% of Americans have had at least some experience with nursing homes — either as a patient or a visitor, and 46% say a family member or close friend has been in a nursing home in the past three years. (Senior Journal, July 2005.)
Medicare generally doesn’t pay for long term care. (www.medicare.gov , 2005.)
48% of today’s workers are not confident in their ability to pay for long term care in retirement. (Retirement Confidence Survey, Employee Benefit Research Institute, 2004.)
By 2030, 20% of all Americans, or about 70 million people, will have passed their 65th birthday. The average 75-year-old has three chronic conditions and uses five prescription drugs. (Executive Summary, The State of Aging and Health in America, Centers for Disease Control, 2004.)
You have a one-in-96 chance of your house being damaged by fire.
Surely your home is covered.
You have a one-in-five chance of your car being damaged in an accident.
You wouldn’t drive without auto insurance.
But you have a 50% chance that you will need long term care at some point in your life.
So why wouldn’t you insure your independence?
(2004 Field Guide, National Underwriter, 2004.)
Two-thirds of single people and one-third of married couples exhaust their funds after just 13 weeks in a nursing home. Within two years, 90% will be bankrupt. (2004 Field Guide, National Underwriter, 2004.)
The average cost per year of nursing home care is $57,700. (Kiplinger’s Retirement Report, March 2004.)
The median cost of care in an assisted living facility is $30,000 per year. (Adult Day Care Services, AARP, February 2004.)
By 2030, the average nursing home stay will cost approximately half a million dollars ($468,960). (Kiplinger’s Retirement Report, March 2004.)
Wendy Boglioli on Long Term Care Insurance
Real Choices for Real Families Like so many women, Wendy juggles her career, her family and her fitness routine. She has first-hand experience with aging parents, planning for her future and paying carefull attention to her personal health.