LTC & The Future

The high cost for long term care plus rapidly rising population of citizens 65 and older have local, state, and national leaders concerned about their ability to provide long term care services. Take a look at these demographic trends…

  • 2009 – Citizens age 65 and older was 13% of the US population, or over 39.5 million people (U.S. Bureau of the Census, Population Division, June, 2010).
  • 2020 – Estimates show the number of citizens age 65 and older will be 55 million and represent 16% of the entire population (U.S. Department of Health and Human Services, Administration on Aging, based on data released in August, 2008).
  • 2040 – The estimated 81 million citizens over age 65 will represent 20% of the population, or one in five Americans (U.S. Department of Health and Human Services, Administration on Aging, based on data released in August, 2008).

Many of these seniors will need long term care services in some form. For this reason a number of states, who bear the brunt of caring for the uninsured through Medicaid, have implored their residents to take long term care planning seriously.

From Texas Governor in 2007 –"Many people, myself included, do not like to think about the possibility that we may need costly long term care assistance with our health and personal needs at some time in our lives. The unfortunate reality, however, is that many of us, and our loved ones, may need such assistance."

From Georgia Governor in 2007 – "But the hard truth is that most of us will need some type of long-term care in our later years. While this is a normal part of aging, the tragedy is that many of us don't plan for it adequately. When we need long-term care, it can become a crisis for ourselves and our families."

As you can see, the serious nature of American's future needs is causing local, state, and national leaders to ask people in their 40's, 50's, 60's, and 70 's to plan ahead.

Leaders are focused on this issue because of the growing cost of long term care services. According to the American Association for Long Term Care today's cost of can be as high as $75,000 for one year in a nursing home. With a 4.1% inflation rate, in 30 years that cost for on year of care will be $250,000. Combine these costs with aging population and it is clear why leaders are focused on promoting good planning today.

In fact, the promotion of long term care planning can even be found in the tax code, which provides certain incentives for the purchase of a qualified long term care insurance plan. See our Tax Savings section for more details.

Have Questions?

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contact 1-800-258-7041 or fill out our Request Information form!