I have recently added Tennessee to the list of states in which I am licensed. Before I am allowed to help people with Long Term Care insurance in that state, I must take some continual education courses for Long Term Care insurance in Tennessee.
The course I am taking lists some statistics about Long Term Care insurance. I want to share them with people who are undecided about their need for Long Term Care insurance.
Below are 10 reasons why Baby Boomers should consider Long Term Care insurance.
- “More than 6 million elderly Americans need assistance from family or friends if they are to live at home.
- At least two-thirds of all home-care assistance is provided free by family members and friends.
- By the year 2020, one of six Americans will be 65 or older.
- Of people turning 65, 69 percent will need some long-term care before they die.
- More than half of the U.S. population will require some type of long-term care during their lives (nursing home care, home health care, assisted living, or rehabilitative facility care).
- Of men turning 65, 58 percent will need some long-term care.
- Women are more at risk than men—79 percent of women once they turn 65 will need some long-term care.
- Among those turning 65, 52 percent will need long-term care for at least one year before they die, and 20 percent will need more than five years of care.
- The average nursing home stay is approximately two and a half years.
- After 2021, the population in nursing homes is expected to increase substantially. This is the year the oldest baby boomers will turn 75. As the population ages, research has predicted the nursing home population to grow to three to four million residents.”
These facts were taken from the WebCE course, “Tennessee Long-Term Care: Programs, Policies, and Partnerships”
Next Monday I will list 5 more reasons why people should plan for the future.