The Genworth 2014 Cost of Care Survey Interactive Map. Click on the image below to view the information for your area.
Tag Archives: LTC
WHEN DO YOU NEED LONG TERM CARE?
Unfortunately, we don’t have the crystal ball to know if and when you may need it. However; you could need long term care at any point. But the odds are that you will need the care later rather than sooner. The age of greatest need begins in the late seventies. The odds are greater for women. The average period of needing care is longer for women than for men.
Remind your family and friends that it does no good to put a long term care plan in place when you need the care. You cannot obtain protection at that time. It’s like buying fire insurance while your house is burning down…you can’t buy it then. The best time to buy is now…while you’re young and the premiums are lower…while you’re healthy and can qualify for good health discounts.
WHAT REALLY ARE THE ODDS?
It’s easy to make statistics hide the truth. What really are the odds that a person will experience a long term care scenario? In addition, at what point does care become “long term”…after three months? After 6 months? Many say after 3 months. Others might think after 6 months, but you can be the judge.
The U.S. Government says that people age 65 and older have a 70% chance of needing long term care at some point. Therefore, at least 30 % will not need long term care. In addition, at least 15 % will need care for less than a year.
You can infer from this that at least 55 % of people age 65 and older will need “long term” care at some point, even if you use the 6 month qualifier. That’s a huge percentage. For a couple, the odds rise further: over 70% chance that at least one of the spouses will need “long term” care. That’s why it’s so important to have a long term care plan.