Some of the decisions about whether to purchase long term care insurance are highly dependent on a variety of factors, including an individual’s or couple’s finances and their desire to leave a bequest, their health history, and the peace of mind derived from obtaining coverage. Having access to revealing industry facts might also affect one’s decision.
We have provided the following list of LTCi statistics1 that we hope you might share with your future LTCi clients.
- 44% of men will need LTCi
- 58% of women will need LTCi
- 22% of men will need LTC for more than one year in a nursing home
- 36% of women will need LTC for more than one year in a nursing home
- 68% of caregivers are women
- 65% of older adults rely exclusively for their LTC needs from friends and family
- $17,680 median annual cost for adult day care (five days/week) 2016
- $43,539 median annual cost for assisted-living facility, 2016
- $82,125 median annual nursing home cost, semiprivate room, 2016
1 Statistics gathered from a September, 2016, Morningstar.com article by Christine Benz, entitled “50 Must-Know Statistics About Long-Term Care”