Life long care can be an overwhelming subject to tackle, not only from a emotional standpoint, but from an a financial one as well.  It’s important to know that all of your bases are covered and that you have the right amount of coverage to cover a lifelong care arrangement that is comfortable and affordable for you and your family.  Genworth Financial provides insightful Long Term Care Statistics to help protect your hard-earned nest egg and determine a plan that is right for you.

• The national average median cost of one year in a private nursing home room is $74,2081. Based on the average length of stay in a nursing home of 2.8 years2, a person needing care today would need more than $200,000 for a long term care event requiring a private nursing home room – 1– Genworth Financial Cost of Care Survey, conducted by CareScout, April 2009. 2– Genworth Financial claims history



• At least 70 percent of people over age 65 will require some long-term care services at some point; more than 40 percent will need care in a nursing home – U.S. Department of Health and Human Services, September 2008



• The cost of long term care in U.S. has increased for the sixth consecutive year. Most of these price increases are outpacing inflation – Genworth Financial Cost of Care Survey, conducted by CareScout, April 2009
  There's a 68% probability that people age 65 and over will become disabled in at least two activities of daily living or of being cognitively impaired– AARP, Beyond 50: A Report to the Nation on Independent Living and Disability, 2003



• 67% of people who planned to have someone help with care haven't asked; one in five caregivers said they are "not at all prepared" – Genworth Caregiver Services Study, conducted by CareScout, August 2008



• 6 out of 10 potential caregivers are unprepared to handle the more difficult tasks of caregiving, such as bathing, dressing and toileting. - Attitudes and Beliefs about Caregiving in the U.S.: Findings of A National Opinion Survey, Johnson & Johnson Consumer Products Company, October 2005



• Nearly one in five caregivers provide more than 40 hours of care per week.- National Alliance for Caregiving and AARP. Caregiving in the U.S. Bethesda: National Alliance for Caregiving, Washington, D.C.: AARP, 2004



• 10% of employed family caregivers go from full-time to part-time jobs because of their caregiving responsibilities. - National Alliance for Caregiving and AARP, Caregiving in the U.S., 2004

 

Source: Genworth Financial

 

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