What Is Long-Term Care Insurance?

Long-term care is the type of care received, either at home or In a facility, when someone needs assistance with activities of dally living (bathing, dressing, toiletlng, transferring, continence and eating) or suffers severe cognitive Impairment (such as Alzheimer's disease).

The Population Is Aging

• In 1997 there were 34 million people or 12.8% of the population over the age 65.
• By 2030, there will be 70 million people over the ago of 65 and 19 million people over the age of 85.
• The fastest growing segment of the U.S. population Is the elderly over the age of 65.
• Medical technology Is extending life but not always to a fully functional level.
• Approximately 30% (9.9 million) of all non-Institutionalized older persons lived alone In 1995. They were comprised of 42% of older women and 17% of older men.
• Over 7 million elderly people have some form of disability for which they require assistance.
• Nearly two-thirds of disabled elderly rely exclusively on their families and other unpaid sources for their care.
• Four out of every ten older people will stay In a nursing home at least once, and nearly 1 on 10 will stay for 5 or more years.
• 7.3 million Americans needed long term care In 1994. In the year 2000, the number increased to 9 million and will skyrocket to as many as 24 million by 2050.

Benefits of Long Term Care

• Dignity - The insured is not dependent upon family members, (If they chose) and other loved ones for care.
• Dignity - The Insured is able to choose the long term care services and providers.
• Dignity - The insured is able to protect their standard of living and their family's financial security.
• Dignity - The insured is able to maintain their assets and their estate.
• Dignity - The Insured is not dependent upon the government for care.

Who Needs Long Term Care?

• Persons planning for Immediate retirement.
• Persons over the age of 50.
• Those persons of all ages who wish to preserve their assets.
• People who do not want to be a burden on their family.
• People who are currently care givers to others.
• People who do not have children.
• People who have seen the struggles of others providing care.

What Is the Cost Today of Long Term Care?

• A year In a nursing home now averages more than $40,000 nationally and more than $100,000 in the New York Metropolitan area.
• An Individual with disabilities living at home may pay over $36,000 for assistance of home health aides nationally and over $80,000 a year in the Metropolitan area.
• On average, assisted living facilities facilities charge $26,000 per year nationally and can be more than $60,000 In the New York Metropolitan area.