Long Term Care Insurance Statistics |
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| Nine
million people of all ages have long term debilitating
medical conditions that require the help of a personal assistance
so that they can perform their everyday tasks. Insurance
is most often needed. Long term care
insurance is designed to help pay the rising costs associated
with providing such round-the-clock assistance.
Long
term care insurance facts:
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One
out of every two people over age 65 will require
some form of long term care and insurance.
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One
in three people will spend up to three months in a nursing
home.
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More
than half of woman and one-third of men are expected to
spend time in a long term nursing home.
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In
1997, the average cost of a long term nursing home care
was more than $46,000 per year. Most people will
need some type of insurance to cover their needs.
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Seventy-percent
of all elder care is provided by family members
and friends.
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Medicaid
is the largest source of public money paying almost half
of the nation's nursing home care but you must "spend
down" all your assets to qualify for government assistance.
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