Long-Term Care Insurance Facts - Statistics
America is hooked on statistics. So, we are pleased to provide those statistic junkies some of the latest facts about long-term care insurance.
But, you are not average (see your mom was right!).
Just because a statistic says the average need for care is 904 days,
doesn't have any meaning for how long you will need care. Your long-term care plan
should be tailored to your particular situation and only a knowledgeable professional can best help you do that.
If you are ready to see what protection will cost, then now is the time to start the process.
Click here to complete our simple online questionnaire and get the ball rolling.
The following industry data compiled by the American Association for Long-Term Care Insurance from leading LTC insurers. Data may be used when properly sourced to: "American Association for Long-Term Care Insurance, 2008 LTCi Sourcebook." Policy data is based on 2007 applicants for individual policies.
- 8 Million Americans are protected with long-term care insurance.
- 400,000 new Americans obtain LTC insurance coverage in 2007.
- $3.5 Billion in LTC insurance claims paid (2007).
- 180,000 individuals received LTC insurance benefits (2007).
- $1 Million claim benefit for a single individual surpassed.
| Ages When People Apply |
|---|
| Under35 | 1% |
| 35-44 | 6% |
| 45-54 | 26% |
| 55-64 | 50% |
| 65-74 | 15% |
| 75orOlder | 2% |
| Daily Benefit Amount |
|---|
| Less than $50 | 5% |
| $50 - $99 | 10% |
| $100 - $149 | 35% |
| $150 - $199 | 33% |
| $200+ | 21.5% |
| Elimination Period |
|---|
| 20 - 30 Days | 7% |
| 31 - 89 Days | 7% |
| 90 - 100 Days | 83% |
| 100+ Days | 3% |
| Benefit Period |
|---|
| 1 Year | <.2% |
| 2 Years | 6% |
| 3 Years | 25% |
| 4 Years | 14% |
| 5 Years | 26% |
| 6-10 Years | 11% |
| Lifetime | 18% |
| Age of Claimant For New Claims Opened In 2007 |
|---|
| Under Age 50 | 0.5% |
| Age 50 - 59 | 2.5% |
| Age 60 - 69 | 9.5% |
| Age 70 - 79 | 32.3% |
| Age 80+ | 55.2% |
| Percentage of Claims Paid For |
|---|
| Home Care | 43.0% |
| Assisted Living | 30.5% |
| Nursing Home | 25.7% |
