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The Chances of Needing Long Term Care

What Are the Chances of Needing Long Term Care?

Based on testimony given by the Dean of the Georgetown Public Policy Institute in April, 2005, before the Subcommittee on Health of the House Committee on Ways and Means, an estimated 10 million people of all ages currently need Long Term Care; and close to 40% of those are under the age of 65.

Research by Conning & Company shows that 60% of people reaching the age of 65 will require Long Term Care at some point in their lives.  Extending the Conning & Company statistic to include the odds of either person in a couple or spousal situation needing Long Term Care, the percentages increase dramatically.  

Wall Street Journal states, “… a couple turning 65 has a 75% chance that one of them will need Long Term Care.”  At this rate, an entire family can be affected, placing the children at risk of a negative inheritance, also according to the Wall Street Journal.

The National Academy of Elder Law Attorneys did a study comparing the risk of financial devastation brought on by Long Term Care with the risk of financial devastation brought on by a major automobile accident or a house fire.  According to that study, the rates of risk were:

  • Automobile Accident: 1 out of 240 [0.4%]
  • House Fire: 1 out of 1,200 [0.08%]
  • Long Term Care: 1 out of 2 [50%]

Further research found that 20% of all people age 65 or older need help performing their normal activities of daily living (ADLs).   At age 85, the estimate grows to about 50%.  The worst case scenario in terms of financial burden involves entering a nursing home. The odds of a person needing Long Term Care in a nursing home at various ages are:

  • 45 or older 36%
  • 65 or older 49%
  • 85 or older 56%

The above statistics can be concerning, especially for those who have not planned what they will do if they or their spouse ever needs Long Term Care.  Long Term Care Insurance is not right for everyone; however, those who want to ensure that they are taken care of properly or who have assets to protect may want to consider Long Term Care Insurance. 

At LTCtree.com, we work with the top carriers and are ready to help you shop the market to find the absolute best Long Term Care Insurance policy at the best price.  Take a few minutes to fill out the form below to get your quotes today.

Last Updated ( Monday, 13 September 2010 )
 

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