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| Generally, long-term
care is the care people need when they can’t
perform the tasks of ordinary living independently. It isn’t
a subject that most of us care to dwell on. However, the
failure to discuss or plan for the high cost of long-term
care is causing American families to be unprepared
to meet the high costs of long-term care. This section addresses
what long-term care is and where it is
provided, as well as the costs of long-term care
and who pays for it.
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| National
Spending on Long-Term Care
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The longer we live, the more likely it
is that we will need someone to help take care of us.1
- At age 55, One out of every Ten people will
need some form of Long-Term Care.
- At age 65, Four out of every Ten people will
need some form of Long-Term Care.
- At age 75, Six out of every Ten people will
need some form of Long-Term Care.
- Fifty Percent of all couples are impoverished
within one year of One Spouse entering a Nursing Home.
- For couples the risk is overwhelming: 7 out
of 10 couples age 65 or older will have one or both individuals
enter a nursing home some time before they die.
- In 1990, approximately $82 Billion was spent
on Nursing Home Care - up from $20 Billion in 1980.
- A Harvard university study states that 46 percent
of elderly persons entering a Nursing Home are impoverished
within THREE months, and 75 percent are impoverished within
One Year.
- There is a one in 80 chance of ever using your
homeowners insurance, and a one in 40 chance of using your automobile
insurance, but about a 60 percent chance that you're going to
be in a nursing home after age 65.
-National Underwriter - May 10,1999
1Source: U.S. Department
of Health & Human Services
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