By the Numbers: The Importance of Long-Term Care Insurance in Today’s Aging Society
As our population ages, the demand for long-term care services continues to rise. Let’s examine some key statistics that emphasize the growing need for long-term care insurance:
- Aging Population: According to the U.S. Census Bureau, the number of Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. This significant growth highlights the increasing demand for long-term care services.
- Probability of Needing Care: The U.S. Department of Health and Human Services estimates that 70% of people turning 65 will need some type of long-term care during their lifetime.
- Duration of Care: On average, women require 3.7 years of long-term care, while men need 2.2 years, as reported by the U.S. Department of Health and Human Services.
- Cost of Care: According to Genworth’s 2020 Cost of Care Survey, the national median cost for a private room in a nursing home is $105,850 per year, and the median cost for a home health aide is $54,912 per year.
- Out-of-Pocket Expenses: The Employee Benefit Research Institute estimates that a 65-year-old couple retiring in 2022 will need between $285,000 and $325,000 to cover healthcare and long-term care costs during their retirement.
These statistics underline the importance of securing long-term care insurance to protect your financial well-being and ensure access to the care you may need in the future.
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On average, women require 3.7 years of long-term care, while men need 2.2 years.
