Long Term Care Insurance Stats

1. The national average cost of care for just 1 year in a nursing home is approximately $60,000; in major cities like Boston, New York City, etc. long term care can be a high as $70,000 to $100,000 annually.

2. 45% of people who reach age 65 will need long term care at some point in their lifetime, with around 60% staying an average of 3.1 years.

3. About 80 million Americans will turn 50 over the next 18 years. That is 1 person every 8 seconds which will stress the long term care market so adequate services.

4. 75% of people who are older than 65 will need long term care services at some point in their lives.

5. By 2020 because if the rapidly retiring baby-boomers, around 1 out of 3 workers will provide some type of long term care mainly to their boomer parents.

6. The annual cost of lost productivity to companies from long term care responsibilities for their employees is $25 billion a year or about $4000 per employee.

7. For every one person receiving long term care care in a nursing home, there are 4 people receiving home health care. 

8. About 75 percent of single people and 50 percent of all couples spend all their savings within one year of entering a nursing home.

9. 92% of all long tem care insurance claims are for about 3 years.  4.5% will need long term care for more than 6 years.

More statistics and info on long term care insurance.

LTCtree.com Staff Research May 2007