People concerned about long term care issues frequently benefit by learning critical statistics about this complex field. Whether you work for a care facility or you rely upon senior therapy and rehabilitation programs to assist a loved one, certain important data offers valuable insights. This article presents some of the most critical findings in this area.
Why This Subject Matters
A surprisingly high number of Americans eventually require long term care services. Yet research suggests numerous households fail to include adequate financial planning for this outcome. Understanding critical long term care statistics helps people make more intelligent decisions about the future.
- Investment specialist Christine Benz contends that a staggering 52% of individuals in the United States who reached the age of 65 during 2018 will eventually require some type of long term care. Men in this group eventually need one and a half years of long term care services; women on average require two and a half years.
- The American Association for Long Term Care Insurance reported that only 8.1 million Americans maintained long term care insurance during 2012. The number of people requiring this coverage far outstrips the number of insured individuals.
- Between 2012 and 2016, the majority of long term care providers served people in the West. The number of care facilities declined as researchers considered the South, the Midwest, and the Northeast (a region offering only 10% of the nation’s care facilities).
- Long term care frequently proves expensive. The Motley Fool website reported in 2018 that 15.2% of the U.S. population will eventually spend at least a quarter of a million dollars on this service!
- The median cost of residing in a long term care facility stands at roughly $45,000 per year.
- Seniors who develop Alzheimer’s Disease frequently incur hefty bills. On average, these patients accrue bills of $341,840 over the course of their lifetimes.
- During 2015, people in the United States spent a staggering $225 billion on long term care services.
- Daughters constitute roughly 33% of the people caring for patients with dementia in the USA. Additionally, 34% of caregivers themselves fall into the over age 65 demographic.
The Importance of Careful Planning
Many households benefit by planning for long term care. Millions of people eventually require this service. Insurance agents offer valuable assistance evaluating care planning needs.