Long-Term Care Insurance: 5 Must-Know Statistics for 2018

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Long-Term Care Insurance: 5 Must-Know Statistics for 2018

If you are considering a long term care policy in 2018, it’s important to understand some of the major trends and statistics in industry. Below you will find 5 long term care statistics that speak to the current state of the industry, and may even help convince you to finally establish your long term care plan in 2018.

1. Estimated health care cost for retirees is up over 70% since 2002.

Health care is among the largest costs for retirees and the cost of care has been steadily increasing. Long term care insurance can help retirees protect retirement income by covering long term care needs.

2. Across the 5 major care categories: homemaker services, home health aide services, adult day health care, assisted living facility and nursing home care, home health aide services have increased most since 2016 (up 6.17%).

Home health aide services are at-home services for occupational, physical, respiratory, speech therapy or nursing care. You can read more about the different types of care here.

3. According to the National Institute on Aging (NIA), the most commonly needed long term care is personal care.

Personal care offers assistance with everyday activities, such as bathing, dressing, grooming, using the toilet and eating.

4. According to The Wall Street Journal, over 7 million people have private long term care insurance policies.

The perfect long term care solution can be crafted for anyone, thanks to highly-customizable policies offered by companies like Mutual of Omaha.

5. The average cost of nursing home care in New York has surpassed $132,000 per year for a semi-private room. The maximum cost comes in at almost three times that.

At an average cost of $132,000 per year and a max cost of $394,000 per year, long term care insurance must be considered if you or your loved ones think semi-private nursing home care could be an option in the future.

 

Conclusion

There is never a perfect time to buy insurance but, when it comes to long term care, you can save big by acting early. With these statistics in mind, consider taking a closer look at long term care insurance in 2018. It could be the difference between financial security and mounting expenses.  Get in touch with Schneider & Shulman Associates’s long term care specialists to learn more today.