Long Term Care: Important and Perhaps Surprising Facts

» Posted by on Aug 5, 2011 in Long Term Care Insurance | Comments Off on Long Term Care: Important and Perhaps Surprising Facts

 

Important and perhaps surprising facts about Long Term Care and Long Term Care Insurance

  • 71% of Long Term Care services are home- based (Nursing Home claims are less than 10% of Long Term Care Claims).
  •  73% of the care-givers are family and friends.
  • For every person confined to a nursing home, there are 6.8 people with the same restrictions and health issues receiving care at home.
  • 51 Million Americans are caring for aged and incapacitated friends and relatives. 
  • There are more people in Adult Day Care programs than there are children in Child Day Care programs. 
  • 42% of the people who need Long Term Care are under 65 years old. 
  • Assisted Living facilities charge 56% of what nursing homes charge.

 

The need for Long Term Care generally is defined as a situation in which a person has lost two out of 6 Activities of Daily Living

Many of the Long Term Insurance plans that are very popular and successful in the past are geared primarily toward reimbursing nursing homes and professional care givers. That is changing. The more popular plans today are designed to reimburse for the more likely expenses such as Care Received at Home, and Assisted Living Facilities.

There is general agreement that the best place for an incapacitated person to receive long term care is at home.

It’s very important that if an incapacitated person is receiving care from family members or friends, that there is a way to compensate the care-giver (care-givers have bills to pay too).

 

We may want to see that whatever approach we take for Long Term Care, has a provision to provide cash to compensate the real, albeit non-professional care-giver, including a family member.

 

 

 

 

 

 

 

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