The Need for Long Term Care Insurance

Most families benefit from the protection a long term care insurance policy offers. It is the most cost effective way to protect you and your family from the high cost of long term care. It allows you and your family to secure savings and your family’s future.
It is difficult to know if and when you will require long-term care. Various studies provide us with statistics on why people need long term care insurance:
• The lifetime probability of becoming disabled in a minimum of two activities of daily living or of being cognitively impaired is 68% for people age 65 and older.1

• By 2050, the number of people using paid long-term care services in any setting (e.g., at home, residential care such as assisted living or skilled nursing facilities) will likely double from the 13 million using services in 2000, to 27 million people. This estimate is influenced by growth in the population of older people in need of care.2

• In 2002, the percentage of older persons with moderate or severe memory impairment ranged from about 5% among persons aged 65-69 to about 32% among persons aged 85 or older.3

1 AARP. Beyond 50.2003: A Report to the Nation on Independent Living and Disability, 2003, (11 Jan 2005).
2 U.S. Department of Health and Human Services, and U.S. Department of Labor. The future supply of long-term care workers in relation to the aging baby boom generation: Report to Congress. Washington, DC: Office of the Assistant Secretary for Planning and Evaluation, (2003). (20 Jan 2005)
3 Federal Interagency Forum on Aging-Related Statistics. Older Americans 2004: Key indicators of well-being, Federal Interagency Forum on Aging-Related Statistics. Washington, DC: U.S. Government Printing Office, 2004.