Article
The Growing Need for Long-Term Care Insurance: A Statistical Perspective
As our population ages, demand for long-term care keeps rising. These figures show why planning for it matters.
By the numbers
- 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. That growth means more 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 need 3.7 years of long-term care and men need 2.2 years, according to the same HHS data.
- Cost of care: According to Genworth's 2020 Cost of Care Survey, the national median cost of a private room in a nursing home was $105,850 per year, and the median cost of a home health aide was $54,912 per year.
- Out-of-pocket expenses: The Employee Benefit Research Institute estimated that a 65-year-old couple retiring in 2022 would need between $285,000 and $325,000 to cover healthcare and long-term care costs during retirement.
These numbers make the case for securing long-term care insurance: it protects your financial well-being and helps ensure access to the care you may need later.
On average, women require 3.7 years of long-term care, while men need 2.2 years.
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