Long Term Care

Long-Term Care, Group and Individual
Thanks to the miracles of modern medicine, we are all living longer. Yet this gift presents all of us with a whole new set of financial concerns. We can help you plan so that you will never become a financial burden to your spouse or children. As our population ages, this will become a more pressing issue that we all have to face.

 The Need For Long Term Care

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Americans are living longer than ever. Nearly half of the people age 65 and older may spend some time in a nursing home. (LIMRA International, Inc., 1996)

 
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The average cost of a year in a nursing home is $40,000 per year, and can exceed $80,000 in Metropolitan areas. (Cost of Nursing Care Survey, 1995-1996)
bulletA full 55% of those who enter a nursing home will stay at least one year. Approximately 75% of nursing home residents are women. Women will spend more than twice what men will spend - the average American woman will spend $124,370; the average American man can expect to spend $56,895. (Financial Planning, Who Must Have Long Term Care? December 1996)
bulletLong Term Care is an unavoidable cost for most Americans. (Fortune Magazine 1996)
bulletIn 1994, individuals and families, as well as federal, state and local government programs, spent more than $100 billion on long term care. (Life Insurance Selling, December 1995)
bulletA home visit by a nurse averages about $100, but there is tremendous variation in regional hourly rates and in length of visits. Adult day care can cost as much as $15,000 per year, while charges by Assisted-Care Living facilities range from $1,500 to $4,000 a month. (Business & Health, January, 1997)
bulletElder Care will replace child care as the No.1 dependent-care issue. (USA Today, July 19, 1994)
bulletA Brookings Institute Study concluded that of those age 65+, 1 in 10 are confined to a nursing home; of those 85+, 1 in 3 will end up in a nursing home; 1 of 4 people living today will also be confined to a nursing home.
bulletAccording to Government studies by the Health Care Financing Administration and the National Center for Health Statistics, about 35 million Americans have physical or mental impairments that interfere with their Activities of Daily Living, and therefore, need some for of long term care. About 10 million of these individuals have chronic disabilities that prevent them from working, attending school, or maintaining a household.