Need a better understanding of Long Term Care Insurance?

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MAGA’s mission is to bring our clients current, accurate information. Here are a few long term care insurance facts and stats you should know.

  • The need is likely – 70% of people over age 65 will need some form of long term care.
  • It can be expensive – the average cost of an assisted living facility is $43,539. The average cost of a home health aide is $49,192 (for 44 hours per week). The average cost of a semi-private room in a nursing home is $85,776. These costs will vary depending on where you live.
  • Family members aren’t free – even if a family member provides you with long term care, there is still a cost. Caregiving can take a significant physical and emotional toll on loved ones.
  • Medicare doesn’t pay for long term care expenses.
  • Medicaid does pay – but only after you’e spent down enough assets to qualify. See our Medicare/Medicaid page
  • People are buying long term care insurance at younger ages – While the average age of a buyer is 56.7 years old, nearly 20% of buyers are under age 50.¹-³
  • It hits women harder – Women use Long Term Care Insurance benefits at a rate of 2-3 times more than men. ²-¹
  • There are a few big causes – Alzheimer’s disease is the leading cause of Long Term Care Insurance claims for people age 65 and older. Cancer, Alzheimer’s disease and nervous system disorders are the leading cause of claims for people younger than age 65. ²-²
  • Benefits are flexible – Long Term Care Insurance provides care at home, assisted living facilities and skilled nursing homes. When people first start receiving benefits, over 39.9% of those claims are for home care. ²-³
  • 59% of standalone long term care insurance policies were issued and placed. 3_1

For more information, request our Consumer Guide

For a list of key Long Term Care Insurance terms and their definitions, see our Glossary.

You’ll find the answers below, but that’s just the beginning. We recently put together an at-a-glance summary of 2018 LTCI Facts & Stats, drawing from a range of credible industry sources. Provide us your email address so we can send you the information.

Stats And Facts

In this industry, there’s always more information to learn, and it’s our honor to share it with you. As always, if you need assistance, please contact us, or call 800-533-6242.

Sharpen your LTCI IQ: request our 2018 LTCI Facts & Stats!

[1-1] U.S. Department of Health and Human Services

[1-2] Genworth’s 2017 Cost of Care Survey

[1-3] 2018 Millman LTCI Survey

[2-1] AALTCI 2015-2016 Sourcebook

[2-2] Society of Actuaries LTC Experience Report, 2011

[2-3] 2018 Millman LTCI Survey

[3-1] 2018 Millman LTCI Survey