Who Will Need Long-Term Care?
People of all ages need long-term care. More than 12 million Americans say they
need assistance with everyday activities. Of these, about 60 percent are elderly.
Put the risk into perspective:
- There is a one-in-1200 risk of having a fire that will cause major damage to your
home.
- A one-in-240 risk of having an accident that will destroy your car.
- A one-in-three risk the average person will spend 2.9 years in a nursing home.
Ironically, most people insure their cars and their homes but not the cost of a
nursing home stay... the risk that's most likely to occur.
You may need long-term care when you are unable to care for yourself because of
a prolonged illness or disability. This could include assistance performing basic daily activities
such as bathing, dressing, or eating. A cognitive impairment, such as senility or
Alzheimer's disease, would require supervision to ensure your protection.
According to the 2007 Cost of Care Survey
, a 2007 semiprivate room daily rate is $180.78 (national average.) Now, consider
you family history with regard to conditions such as Alzheimer's Disease, cancer
or stroke. Then consider the following chart:
|
Condition
|
Average Length of Stay
|
Total Cost
(assumes a semi-private room at $180.78/day
or $5,423.40/month
|
|
Alzheimer's
|
96 months
|
$520,646.40
|
|
Cancer
|
36 months
|
$195,242.40
|
|
Cardiac
|
16 months
|
$86,774.40
|
|
Diabetes
|
48 months
|
$260,323.20
|
|
Pulmonary
|
36 months
|
$195,242.40
|
|
Stroke
|
21 months
|
$113,891.40
|
Keep in mind that rates of nursing homes are growing 4-6% each year.
This Web site is intended for general information purposes only. It does not nor is it intended to constitute legal, tax or investment advice. Alliance America is not a lawyer, registered investment advisor or investment advisor representative, and is not engaged in the practice of law or the business of investment advice.