Why is Long-Term Care Insurance Important?
Despite the importance of long term care insurance, only 1 percent of the U.S. population has this type of coverage.
- 60 percent of all individuals require Long Term Care at some point in their lives (Washington Post, April 1996)
- The cost of nursing homes averages about $110 a day, or $40,150 a year (National Health Policy Forum, Issue/Brief no. 668, 1996)
- The average nursing home stay is 2.5 years (Trusts & Estates, 1996)
- Medicare currently pays for only 17 percent of all Long Term Care (Health Care Financing Administration, 1997)
- Medicare pays for only the first 100 days of nursing home care (U.S. Health Care Financing Administration Study)
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It offers the following advantages:
- Helps maintain control and independence
- Removes the burden placed on families
- Access to quality care
- Protects assets
- Peace of mind