New Long Term Care Study Reveals Huge Future Needs

Americans living longer face risks of needing long-term care as they age. Individuals currently turning age 65 face an average of 3 years of need for long term care sometime before they die, with 1 in 5 expected to need 5 years of care or more. This is according to a brand new study led by a Penn State researcher.

Unfortunately, much of their care must be provided by family members, unless more folks get long term care insurance protection now while they still can. Though 1/2 of today’s retirees will incur no out-of-pocket expenses for long-term care, 1 percent will need more than $250,000 of their own money set aside and invested at age 65 to pay for their future care.

Perhaps most important are the study’s insights about the long term care experiences that individuals and their families can really expect. 65 percent of all people age 65 will spend some time at home needing long-term care; 30 percent will receive care at home for more than 2 years; and 11 percent will get it for more than 5 years. Even if

Nearly a 1/4 of retirees will rely on informal care provided by family members at home for at least 2 years. Projections about facility care show that 35 percent of people age 65 will use nursing-home care, with 5 percent of 65-year-olds spending more than five years in nursing facilities.

The analysis is titled “Long-Term Care Over an Uncertain Future: What Can Current Retirees Expect?” It was issued by Peter Kemper, professor of health policy and administration at Penn State, along with Harriet L. Komisar of Georgetown University and Lisa Alecxih of Lewin Group.

The report is yet another warning for folks to get their long term care insurance coverage as early as possible. Ask for your free comparative insurance quotes now from the Buyer’s Advocate Alliance.

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