“Spotting Alzheimer’s Early Could Save America $7.9 Trillion,” by Ivan Levingston, Bloomberg Quote: “Spending on care for people alive in the U.S. right now who will develop the affliction is projected to cost $47 trillion over the course of their lives, a report issued Tuesday by the Alzheimer’s Association found. The U.S. is projected to spend $277 billion on Alzheimer’s or other dementia care in 2018 alone, with an aging cohort of baby boomers pushing that number to $1.1 trillion by 2050. … However, significant cost savings can be achieved, according to the new report, by the simple act of early diagnosis. Currently,
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“6.6% of those 65+ need help with ADLs, says CDC,” by Lois A. Bowers, McKnight’s Senior Living Quote: “From January to September 2017, 6.6% of adults aged 65 or more years needed help with activities of daily living (also called personal care), according to data newly released by the Centers for Disease Control and Prevention’s National Center for Health Statistics. . . . Comparing age groups from January to September 2017, however, adults aged 85 or more years were more than twice as likely as adults aged 75 to 84 to need help with personal care from other people — 21.6%
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“Long-term care costs could reach $5.6 trillion by 2047: report,” by Lois A. Bowers, McKnight’s Senior Living Quote: “The lifetime cost of paid long-term care for those aged 70 or more years collectively could swell to $5.6 trillion by the year 2047, according to a study released Thursday by professional services firm pricewaterhouseCoopers. “Other findings in the report: 25% of the time, the expected individual cost of long-term care services is less than $26,000, and another 25% of the time, costs are more than $240,000. A 5% chance exists that the expected cost is more than $578,000, according to the
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“Why advisers should be offering critical illness policies,” by Pam Jenkins, Employee Benefit Adviser Quote: “Heads up advisers: Critical illness insurance is turning 35 this year and sales are booming. This voluntary benefit has seen double-digit growth each year from 2010 to 2016, according to the Eastbridge U.S. Voluntary Worksite Sales Report. Overall, sales for that period grew approximately 175 percent, to more than $550 million, and now exceed sales of long-term disability, universal/ whole life and cancer policies, per Eastbridge. A big reason for the growth is that the product continues to change to meet demands. For a benefits
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“NAIFA Launches Center For Excellence In Long Term Care,” InsuranceNewsNet Quote: “The National Association of Insurance and Financial Advisors will launch the NAIFA Center for Excellence in Long Term Care to equip agents and advisors with information, designation and educational resources in order to meet consumers’ growing needs for advice and solutions in long term care. Carroll Golden, the Center’s director, announced the launch today before attendees of ILTCI 2018, the Intercompany Long-Term Care Insurance Conference. … Scheduled to launch in mid-2018, the Center will be supported and housed on www.NAIFA.org. Visitors will have 24/7 access to a range of
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“Formal Cost of Care,” by Stephen D. Forman, LTCA Weekly Reader Quote: “Formal Cost of Care: Price Waterhouse Cooper analyzed 223,963 claims worth $14.8B of payments from carriers representing 72% of the inforce population to produce the report: “Formal Cost of Long-Term Care Services.” It concludes the average lifetime cost of formal care (i.e., excluding informal services) is $172,000. As you can see from Figure 4, a quarter of the time, the cost is less than $26,000, while another quarter of the time it’s over $240,000, and there’s a 5% chance of exceeding $578,000. In Figure 5, we see that
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