Important Information About Extended Care

  • 70% of people over 65 will need care at some point.
  • 80% of elder care is provided in private homes….only 13% receive care in nursing homes
  • 66% of those with chronic illnesses receive all of their care from family members…..only 9% receive all their care from paid caregivers….26% receive both paid and family care.
  • 2/3 of people over 85 are women. 2/3 of claims for Long Term Care are for women. Women are twice as likely to have a need for extended care lasting longer than three years.
  • One in six women will get Alzheimers, (one in eleven men will get it).
  • The average stay (based on claim statistics) in the nursing home is 835 days. The average claim for benefits that pay for assisted living is 25 months.
  • The average claim for home care benefits covers 178 home visits…..with Alzheimers its 231 visits.
  • Less than 10% of people in retirement own Long Term Care Insurance…primarily because of the cost.
  • Today people are taking advantage of planning strategies that take into consideration multiple sources of funding for extended care, with Long Term Care insurance being only a small component of the overall plan. There are plans that can leverage existing assets and even alternatives that can compensate family members for providing care. The important thing is to take the time to meet with family members and a financial professional to create your plan.