LONG-TERM HEALTH INSURANCE – CHANCES USING

STATISTICS OF LONG-TERM HEALTH INSURANCE?

  • The chances of needing long-term health insurance are more than 1 in 2, or about a 50% chance.

  • The chances of incurring property damage or bodily injury at home are 1 in 88, with is a little over a 1% chance.

  • The chances of having an auto accident are 1 in 250, or a little over a 0.4% chance.

  • The chances of having a house fire are 1 in 1250, or about .08%.

 Chances of using Long-Term Health Insurance:

  • Nearly 50% of all Americans will need long-term health insurance at some point. Baby Boomers need to plan for their future.
  • By the time people are 75, the probability of needing long-term health insurance is about 60%.
  • 50% of all Americans 65 years or older are projected to spend time in a skilled nursing facility during their remaining lifetime. The percentage of individuals needing skilled nursing facility care after age 80 is 90%, according to a nursing home study by AARP.

The chances of needing long term care are great. According to Health insurance Association of America, the general public believes the risk to be only 25%. However the actual risk is greater than 50%. The industry statistic is that 70% of all Americans over the age of 65 will need care. long term health insurance 2   There is more of a demand today for long term care, than there was ever in the past.

Today, we are living longer and family dynamics have changed. The longer we live, the chances are higher that we will need long term care. Families are not as available to provide care as they were in the past, as many sons and daughters do not even live in the same city as their parents.

Genetic Makeup:

If Alzheimer’s, heart disease or other chronic diseases are prevalent in your family, your chances of needing long term care are probably higher than most. If you have obesity or suffer from depression, this will greatly increase your chances of needing care. Many times people wrongly assume just because no one in your family ever needed long term care, and that they are in such great health, they will never need long term care. This couldn’t be further from the truth. Despite having a history of good health, any of us can suffer an accidental fall, a random stroke, or some other health emergency that requires long term care. The risk of being in an auto accident or having a house fire are much, much lower, most people would never consider driving without car insurance (even if it was legal) or not insuring their home with homeowner’s insurance.

Chances of using your Long-Term Health Insurance Policy:

  • The chance of using your Long Term Care policy is 33%!
  • 15% of long term care policyholders will use their polices less than 1 year.
  • 19% will use their policies for more than 1 year.
  • 19% who use their policies by more than 1 year, 7% will use 100% of their benefits.
  • Of those 19% who use their policies by more than 1 year, 14% will use 50% of their benefits.
  • Those who use their policies more than 1 year, the average number of benefit years is 3.9 years.

long-term health insurance 3Hopefully, these statistics will help you make an informative decision of whether to purchase a long term care policy and, if so, choose the most appropriate benefit period. Long Term USA endeavors to present un-biased information in the comfort of your own home without any “live” high pressured sales pitch. The decision you make will affect your family and loved ones for many years to come, and it is not a decision that should be done in a one-time “strong armed” sales meeting with a pushy local salesperson. To request a no obligation quote just click the button below.

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