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What is Long Term Care?

Long Term Care (LTC) is custodial care received in an assisted-living facility, nursing home or your own home should you end up with a physical impairment1 and need assistance with two out of six Activities of Daily Living (ADLs) and/or suffer from a severe cognitive impairment.2

1A physical impairment is created by chronic medical conditions, defined as an illness that can be managed with therapy or medication but cannot be cured by either. 
 

Some reasons people need this type of care are injury (such as a car accident), illness (such as cancer), aging or a cognitive impairment (such as Alzheimer’s disease, dementia or effects of a stroke).

2A cognitive impairment is defined as a measurable decline in one’s intellect to the extent that the individual is also compromised.
What is My Risk of Needing LTC?

While no one can predict the future, statistics can help us evaluate our risk for needing LTC. The greatest risk an individual will face is the need for LTC. 40% of the people receiving LTC are working age adults between the ages 18 and 64.3

Why would you handle the risk of LTC any differently other than you handled other risks?
 

3Long Term Care. AHRQ Focus on Research. AHRQ Pub No. 02-M028, March 2002. Agency for Healthcare Research & Quality
2.3%4

risk of being in an auto accident

4 Bureau of the Census Data, 2000 and 2000 data collected from the federal Highway Administration, November 2001
12.5%5

risk of becoming
disabled

5ARS-AFM Administrative and Financial Services, Retirement and Benefits, LTC Care Basics Q&A article, Section: It Can Happen at Any Age, January 7, 2003
40%6

risk of needing LTC
(ages 18 - 65)

6Long Term Care. AHRQ Focus on Research. AHRQ Pub No. 02-M028, March 2002. Agency for Healthcare Research & Quality
67%7

risk of needing LTC
(ages 65+)

7US Department of Health and Human Services. “National Clearinghouse for Long Term Care Information.”  2011

Home Care

3 years

 

$51,480/yr

*44 hours/week / 52 weeks

Assisted Living
Facility

2.5 to 3 years

$48,612/yr

*12 months of care/private 1BR

Nursing Home

2.4 years

 

$102,000/yr

*Private room/365 days of care
Why Employers Offer LTC Insurance

 

  • Underwriting Concessions
  • Employer Rates
  • Competitive Benefits
  • Portable Coverage
  • HSA Compatible

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