Long Term Care Fast Facts
Some long term care statistics for agents and consumers to further understand the LTC industry:
Long Term Care Facts and Figures
Number of Elderly Individuals
70% of individuals age 65 and up is expected to receive some form of long term care.
Number of Individuals Below the Age of 65
41% of individuals receiving long term care are people under the age of 65.
Women Need LTC
Females are expected to receive long term care more than males. This is because women generally live longer than men (3.7 years vs. 2.2 years).
Home LTC vs. Facility LTC
Unlike what is commonly assumed by most, the number of individuals who receive long term care services at home (59%) is more than those who receive care and support in facilities (35).
LTCI Impact on Caregivers
59% of caregivers stated that their tasks weren’t that stressful if the person they are assisting owns an LTCI.
4 out of 10 people have the misconception that Medicare will pay for their LTC needs.
Long Term Care Trends
LTC Costs Continue to Rise
Long term care costs continue to rise through the years. From the 2014 figure of $45,188, the current median annual rate for home health care is now $46,332.
More People Expected to Pay for LTC
It is projected that by the year 2050, 27 million people will be in need of (and pay for) LTC. This is a major spike from the 13 million people who received LTC in the year 2000.
Elder People with Disabilities Expected to Increase
It is expected that by the year 2040, 21 million senior individuals will be afflicted or diagnosed with a disability. This is more than double the figure of 10 million disabled seniors recorded in the year 2000.