Long Term Care Insurance Facts & Stats

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MAGA’s mission is to bring our clients current, accurate information about Long Term Care Insurance. Here are a few key facts and statistics you should know when considering Long Term Care Insurance.

  • Most people think they will have little chance of needing long term care, but statistics indicate that 70% of people will need long term care after the age of 65. ¹-¹
  • Long term care is expensive. The average median cost of an assisted living facility is $43,539. The average median cost of a home health aide is $49,192 (for 44 hours per week). The average median cost of a semi-private room in a nursing home is $85,776.¹-² Costs vary depending on where you live.
  • Even when long term care is provided by family members at home, there is still a cost. Caregiving places an enormous physical and emotional burden on loved ones.
  • Medicare doesn’t pay for long term care expenses, and Medicaid requires spending down of assets to qualify. See our Medicare/Medicaid page. 
  • People are purchasing 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
  • Women use Long Term Care Insurance benefits at a rate of 2-3 times more than men, demonstrating their great need for LTCI coverage. ²-¹
  • 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
  • Long Term Care Insurance provides care at home, assisted living facilities and skilled nursing homes. When people first start receiving LTCI benefits, more than 39.9% of those claims are for home care. ²-³
  • 59% of traditional applications 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

Long-term care planning

Long term care planning is a critical
element of every comprehensive financial plan. Long term care events are a reality of life, and Long Term Care Planning exists to help families preserve their assets, standard of living and independence, while allowing the members of the family to make important choices for the financial, physical and emotional well being of loved ones.

Contact us

2610 Lake Cook Road
Suite 250
Riverwoods, IL 60015
maga@magaltc.com
(800) 533-6242
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