Los Angeles, CA, September 18, 2012 --(PR.com
)-- Almost 3.3 million Americans reside in U.S. nursing homes and nearly two thirds (65.4%) are women according to recent government studies.
“Women live longer than men and as a result are more likely to spend their final years of life in a skilled nursing facility,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the industry trade group. “While long term care insurance is often associated with nursing homes, we actually call it nursing home avoidance insurance because of its ability to pay for care in the person’s home, something most people would prefer.”
Recent data shared by the long term care insurance expert notes that less than one percent (0.5) of nursing home residents are age 30 or younger and just over 10 percent (13.7) are between ages 31 and 61.
“The vast majority of nursing home care is provided to the elderly,” notes Slome. Nearly a third (32.2%) of nursing home residents are between ages 75 and 84 with almost the same percentage (31.7%) between ages 85 and 89. “People are living longer lives so it’s interesting to see that 5.2 percent of residents are age 95 or older,” Slome adds. “It’s likely this percentage will grow in the years to come.”
According to the Association’s 2012 cost of care reports the annualized cost for a semi-private room in a nursing home was $76,285 for one year. A private room cost just over $85,000.
“It is important for people to understand the likelihood and risks associated with living a long life,” Slome notes. “If you don’t want to depend on family and whatever government programs may exist in the years ahead, one had better start thinking about this prior to retirement age when you have the most planning options available.”
The American Association for Long Term Care Insurance was established in 1998 to advocate for the importance of planning for long term care and to support insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.