What are the chances of needing Long Term Care?

Based on testimony given by the dean of the Georgetown Public Policy Institute in April of 2005 before the Subcommittee on Health of the House Committee on Ways and Means, 10 million people of all ages are estimated to need long-term care, and close to 40 percent of those people are under the age of 65.

If you look deeper you will find shocking statistics.  Research by Conning & Company shows that 60% of people who reach age 65 will require long term care at some time in their lives.  If we extend the Conning & Company statistic a bit to include the odds that either person in a couple or spousal situation will need long term care, the odds increase dramatically.   One widely respected publication, Wall Street Journal, states  “… a couple turning 65 has a 75% chance that one of them will need long term care.”  This high risk can also affect the entire family where the children are at risk of a negative inheritance, also according to the Wall Street Journal.

The National Academy of Elder Law Attorneys did a study and compared the risk of needing long term care with the risk of other financially devastating risks, such as a major auto accident, or a fire in a person's home. According to that study, the rates of risk were:

• Automobile accident 1 out of 240 [0.4%]
• Fire damaging your home 1 out of 1,200 [0.08%]
• Needing long term care assistance 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 would 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 for those who don't have a plan about what they will do if they or their spouse needs long term care at some point in their life.  Long term care insurance is not right for everyone, however if you have assets to protect and want to ensure that you are taken care of properly you may want to consider long term care insurance.  At LTCtree.com we work with most of the top carriers and will help you shop the market to find you the absolute best policy at the best price.  Take a few minutes to fill out the form below to get your quotes today.