About Long Term Care Insurance

HOME | OVERVIEW | TOOLS | QUOTE | ARTICLES

Facts-at-a-Glance: The Cost of Long Term Care

In 1995, spending for long term care for the elderly totaled $91 billion.

(General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998)



Medicaid and Medicare expenditures for long term care for the elderly exceeded $51 billion in 1997.

(General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998)



The elderly and their families represent the largest single group of purchasers of long term care, spending almost $36 billion out of pocket, or nearly 40 percent of the total $91 billion expenditures for long-term care.

(General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998)



The cost of long term care in a nursing home for an individual can range anywhere from $35,000 to $80,000. Currently, the national average is $41,000 per year. A substantial share of nursing homes residents finance their long term care by paying out of pocket.

(General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998)



Over 70 percent of single individuals and 50 percent of couples with one partner in a nursing home are impoverished within a year.

(Business and Health, January 1997)



Since 1989, Medicaid has become the largest funder of long term home care, financing $14.3 billion in care.

(General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998)


By 2030, the number of seniors residing in nursing homes will increase five-fold and cost $125 billion.

(The Maturing Marketplace, January 1, 1998)


Long Term Care | LTC Insurance | Other Issues



PRIVACY | RESOURCES | LINK TO US | TELL A FRIEND | SITE MAP | CONTACT