Many different services help people with chronic conditions overcome the limitations that keep them from being independent. Long term care services may include help with activities of daily living (bathing, eating, dressing, toileting, continence and transferring), home health care, respite care, hospice care, adult day care, care in a nursing home, or care in an assisted living facility. It may also include care management services, which will evaluate needs and coordinate and monitor the delivery of long term care services.
It is hard to know if and when one will need long term care and how much a long term care event may cost, but there are some statistics that may help. For example:
- About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.1
- An estimated 11 million U.S. adults need some type of long-term care.2
- The lifetime probability of becoming disabled in at least two activities of daily living or being cognitively impaired is 68% for people age 65 and older.3
- Just one hour of home-health-aide care costs roughly $20, while the average private nursing home room costs $87,000 a year. And neither routine employer-based medical insurance nor Medicare will pay for extended periods of custodial care.2
So whether you are looking to help protect your parents, yourself or your children from the ramifications of a long term care event, Long Term Care insurance may be a solution that you and your family consider.