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Will I need long-term care?
If you’re under 55,
it’s unlikely. Even over 55, only a small percentage of the population
will need long-term care before they are in their 70s or 80s.
However, according to research published in the journal Inquiry
by Kemper, Komisar, and Alecxih, most people who turn 65 in 2005 will,
in their lifetime, need some level of long-term care.
|
1 |
2 |
3 |
4 |
5 |
6 |
| LTC
need: |
None
|
Some
|
1
year or less |
1-2
years |
2-5
years |
More
than 5 years |
| Men |
42% |
58% |
19% |
10% |
17% |
11% |
| Women |
21% |
79% |
16% |
13% |
22% |
28% |
Columns 3 through 6 show the
distribution of people in column 2. Note that this study defines LTC
need as having one or more ADL limitations, four IADL limitations, or
using formal LTC services other than post-acute care under Medicare. As
such, it indicates somewhat greater usage of LTC services than most
long-term care insurance policies would pay for.
Recent trends suggest that 50 percent or more of the people who might
have gone into a nursing home for long-term care will in the future go
into an assisted living facility. Assisted living facilities generally
cost less than nursing homes. For example, in mid-2005, a MetLife
Mature Market Institute survey found a national average daily cost of
assisted living facilities of $100, with a range from $55 to $155
across the U.S.
The good news is that people are living healthier longer—that, in other
words, the need for long-term care is diminishing and, when it occurs,
the onset of need for long-term care is, on average, occurring later
and later in life and starting closer to death (so that future periods
of long-term care needs may be shorter than at present). In part, this
is due to the adoption of better prevention strategies and better
medical practices. Even so, if you do need long-term care services,
they can be expensive. |
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RIGHTS RESERVED -
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