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. United Financial Systems, Corporation 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.