Long-Term Care Insurance Tweetable Facts

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It’s Long-Term Care Awareness Month. A lot (most?) people don’t really understand what long-term care insurance is, what it does and why people need it as a part of a sound financial plan.

Click on this link for a free guide, aptly named, What You Need to Know About Long-Term Care Insurance. It answers a lot of questions, and may bring up some additional ones. Be sure to sit down with an agent or advisor who can walk you though the finer points of this coverage.

Below are some facts about long-term care insurance that are “tweetable,” meaning you can simply click on them and they’ll generate your tweet for you. Spread the word!

51% of Americans say they need long-term care insurance, but only 14% own it. #LTCI http://lifehap.pn/HuI2RC
(Source: “2013 Insurance Barometer Study,” LIFE and LIMRA)

$83,950 = median cost/year for a private nursing home room. Think long-term care insurance. #LTCI http://lifehap.pn/HuI2RC
(Source: “Genworth 2013 Cost of Care Survey,” Genworth)

25% of adult children provide personal care and/or $ assistance to a parent. Think long-term care insurance. #LTCI http://lifehap.pn/HuI2RC
(Source: The MetLife Study of Caregiving Costs to Working Caregivers, 2011)

Of those needing long-term care, 37% are age 64 or younger! Think long-term care insurance. #LTCI http://lifehap.pn/HuI2RC
(Source: American Association for Long-Term Care Insurance)

$203 billion = value of unpaid care provided by family/friends for those with Alzheimers/ dementia. #LTCI http://lifehap.pn/HuI2RC
(Source: Alzheimer’s Facts and Figures, 2010)

$274,044 = lost wages/SS benefits when women leave work early to care for ailing parents, spouse or family. #LTCI http://lifehap.pn/HuI2RC
(Source: “The MetLife Study of Caregiving Costs to Working Caregivers,” MetLife, 2011)

“The typical purchaser of long-term care insurance is age 59. #LTCI http://lifehap.pn/HuI2RC”
(“Who Buys Long­Term Care Insurance in 2010­2011?” AHIP, March 2012)

73% of LTCI claims paid for care at home or in an assisted living facility. #LTCI http://lifehap.pn/HuI2RC
(Source: “The 2011 Sourcebook for Long­Term Care Insurance Information, AALTCI, 2011)

95% of long-term care insurance policies pay for care in nursing homes, assisted living and at home. #LTCI http://lifehap.pn/HuI2RC
(Source: “Fact Sheet: Long­Term Care Insurance: 2012 Update,” AARP)

Here are also some great informational posts on long-term care and long-term care insurance:
Understanding the ever-changing landscape of LTCI
Make Room for Long-Term Care in Your Family’s Holiday Plan
Planning Ahead—Understanding the True Cost of Long-Term Care
Shedding Light on 7 Long-Term Care Insurance Myths

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