What Is The Probability You'll Need Long-Term Care ?
Is Long-Term Care Insurance A Smart Financial Move ?
Many consumers call the Association with questions and one of the more frequent ones is "what's the real probability I'll really need this and use it?".
I'd like to invite you to read this page where I attempt to address this very important question.
Before answering the question, I'd like to urge you to get a free quote for long-term care insurance from one of our members. There's no cost and never any obligation. The links are just before my answer begins. Thank you.
Jesse SlomeExecutive Director
American Association for Long-Term Care Insurance
JUST STARTING OUT - A smart first step is requesting a free no-obligation quote for long-term care insurance from an Association member.
Click here: Free Long-Term Care Insurance Quote From Leading Insurers.
COMPARE BEFORE YOU BUY - Make sure you're getting the most coverage for the fewest dollars. Request a free no-obligation comparison quote from an Association member.
Click here: Get A Comparison Long-Term Care Insurance Quote .
Your Real Risk Is ...
Here's the answer to the question, "what's my real risk of needing long-term care?". It's either 0% (you'll never need it) or it's 100% (you'll need it). I call it the "lottery you don't want to win ... though the odds are significantlt greater than winning the lottery!
I can't stress the importance of the either 0% or 100% enough. Your planning needs to be based on this number. All the other numbers are not relevant.
But, let's share some of the numbers I believe are not relevant. Almost every article, book or brochure uses them. The most common talks about 70 percent of people over age 65 needing some long-term care during their lifetime. This number, based on a government study conducted years ago, may be accurate but the definition for "long-term care" is quite encompassing.
For example, someone spending 10 days recovering in a skilled nursing facility following a hospital stay would be consider as having "needed long-term care." But their care would likely be covered by Medicare. Do they need long-term care insurance? YES! But not for this situation.
Within the 7 out of 10 are people who will need care for one year, for two years ... for longer. Those with dementia or Alzheimer's Disease might need 24-hour care for as long as 10 years. Do they need long-term care insurance? YES! Without it, they face wiping out a lifetime of savings, placing enormous stress on their spouse, family members and loved ones.
Are You Feeling Lucky?
If only I knew this week's lottery numbers, I'd be a winner!
So are you feeling lucky? Assuming you do not have insurance protection now, you are assuming all the risk of needing long-term care. You're lucky if you never need (0%) it before you die and you chose well by not paying for something you didn't need. I like using the lottery example because I call long-term care the lottery you DO NOT want to ever win. Trust me it isn't fun.
What if are the "100%" statistic? Now the best you can guess at is how long will you need care ... who'll be there to provide care ... will you deplete your savings ... will you find yourself standing (laying is more likely) in line waiting for whatever government programs exist at that time.
Statistics For Those Needing Long-Term Care
Good for you. You are still reading! I truly believe an educated individual is far more likely to understand the risk and act by getting some long-term care insurance protection in place.
So here is some meaningful information on nursing home lengths of stays as published in the Association's 2008 LTCi Sourcebook. Remember, that most long-term care is actually received at home but there are fewer statistics about home care utilization for "long-term care" needs.
| Average Length of Stays (Nursing Homes) | |
|---|---|
| 5 years or more | 12.0% |
| 3 to 5 years | 12.0% |
| 1 to 3 years | 30.3% |
| 6 to 12 months | 14.2% |
| 3 to 6 months | 10.0% |
| less than 3 months | 20.0% |
| Average Length Of Stay in Years | |
|---|---|
| Female | 2.6 years |
| Male | 2.3 years |
| Married | 1.6 years |
| Single / Never Married | 3.8 years |
| Widowed | 2.3 years |
| Divorced / Separated | 2.7 years |
The 100% Smartest Move You Can Make Now
Once you understand you have a risk, the smartest move you can make is deciding how you will handle it. Long-term care insurance requires that you apply when you are in good health.
Take a minute to request our no-obligation quote. Let a professional answer your questions and explain what coverage costs.
JUST STARTING OUT - A smart first step is requesting a free no-obligation quote for long-term care insurance from an Association member.
Click here: Free Long-Term Care Insurance Quote From Leading Insurers.
COMPARE BEFORE YOU BUY - Make sure you're getting the most coverage for the fewest dollars. Request a free no-obligation comparison quote from an Association member.
Click here: Get A Comparison Long-Term Care Insurance Quote .
Click here to return to the LTC Learning Center and read about ways to save, insurance company ratings, tax deductibility and more.
Click here to return to the home page pf the American Association for Long-Term Care Insurance.
