This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Infographic: LTC Usage by the Numbers 2019

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LTC Usage by the Numbers 2019 InfographicHow many people actually require long-term care (LTC)? For how long? LTC Consumer’s latest infographic shows the staggering numbers and odds. Find out who needs LTC, how long people require LTC services, and what to do next to protect yourself and your loved ones in the case of an LTC event.

The national average cost for homeowner’s insurance is $1,131 a year, and the average homeowner files a claim (water damage, personal injury, dog bites, fire damage) every ten years. This type of insurance isn’t required once a home loan is paid off, however most people have it, because these types of liabilities can be expensive.

“Find out who needs LTC, how long people require LTC services, and what to do next to protect yourself and your loved ones in the case of an LTC event.”

The national average cost for car insurance is $1,365 a year, and the average driver files a claim approximately every 18 years. Car insurance is required, and most people can say they have been in at least one car accident, so they don’t seem to mind paying for car insurance.

The national average cost for Long-Term Care Insurance (LTCI) for a single age 55 is $2,007 a year, and 52% of people 65+ will need LTC in their lifetime. 15 million Americans are expected to need LTC by 2050. The 2018 annual national median cost of an assisted living facility was $48,000 and a private room in a nursing home was $100,375.

“15 million Americans are expected to need LTC by 2050.”

Long-Term care insurance isn’t required, and many people don’t have it. But after looking at those numbers, don’t you think it might be something to look into? Speak to one of our LTC Specialists and take the steps to put your plan in place.

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