Did you know that there is a 70% chance that someone turning age 65 today will need some type of long-term care services? This number isn’t good considering that the average stay in a long term care facility is between 2 and 3 years. In Addition, there have been over 150,000 coronavirus deaths linked to long term care facilities.
Discover how many people need long-term care in the U.S., how the coronavirus is affecting long term care, what's the average long term care stay, plus over 101+ long term care statistics!
Top Long Term Care Statistics
Probability Of Needing Long Term Care
How Many People Need Long Term Care In The United States?
As of 2021, if you are turning age 65, there is a 70% chance you will need some type of long-term care. Of that, about 48% of people turning 65 will need some kind of paid long-term care in their lifetime. It’s expected that around 19 million Americans will be over age 85 by 2050, which means even more people will need long-term care in the U.S.
What's LTC (Long Term Care)?
Long-term care is made up of a few different services that help people live independently depending on their needs when they can no longer perform everyday activities on their own. Unpaid family members and friends provide a majority of long-term care, but it can also be done in a nursing home or adult day care facility.
Who Needs Long Term Care?
People who can’t complete most of their daily living activities such as bathing, using the restroom, getting themselves around, or having a severe ongoing health condition or disability may need long term care. The older you get, the higher the chance you need long term care.
Do People Under 65 Need Long Term Care?
Yes, about 45% of people under the age of 65 will need some type of long-term care even though, according to a recent MassMutual study, only 38% of people under 65 think they will need long-term care. However, the fastest growing long term care population over the last 10 years have been people aged 31-64.
Long-Term Care & The Coronavirus (COVID-19)
How Has Covid-19 Affected Long Term Care Facilities?
As of January 2021, over 39% of all COVID-19 related deaths in America have come from 150,000 residents and staff at long term care facilities. There have also been over 782,000 coronavirus related cases at long term care facilities. These numbers worsen when you consider that less than 1% of the population lives in a long term care facility.
Long Term Care Caregiver Death Statistics In America
American caregivers have a 63% higher mortality rate than non-caregivers, and the coronavirus has caused the death of over 1,300 long term care staff members as of January 2021.
U.S. Average Long-Term Care Stay Statistics
What Is The Average Length Of Stay In A Long Term Care Facility?
Women need about 3.7 years of long term care, and men need about 2.2 years of long term care. The average length of stay in a long term care facility is 1 to 3 years, and long term care, in general, will usually last for about 2 years for someone over the age of 65. Around 20% of today’s 65 year old's will need long term care for over 5 years.
(LTC) Caregiver Statistics For The United States
How Many Unpaid Caregivers Are There In The U.S.?
As of 2020, there are 53 million unpaid caregivers in the United States; this represents about 21% of the entire adult population. It is estimated that the dollar value of unpaid caregivers is around $470 Billion. Also, approximately 82% of caregivers care for one other adult.
Average Cost Of Long Term Care & LTC Facilities
What Is The Average Cost Of Long Term Care?
The average cost of long term care is over $100,000, depending on the type of care needed. If you need care in a long-term care facility, you would be looking at around $225 per day ($6,824 per month) for a semi-private room or $253 per day ($7,698) per month for a private room in a nursing home.
Average Cost Of Long Term Care Coverage By State?
Below we cover the average cost of long term care coverage over a 3 year time period, by state. The most expensive states for long term care coverage over 3 years is Alaska with costs reaching some $1,090,888, followed by Connecticut ($494,394), Hawaii ($491,655), Massachusetts($459,900), and New York ($438,822) while the most affordable states for LTC coverage are Oklahoma with ($190,530), Louisiana ($199,509), Missouri ($199,563), Kansas ($211,137), and Arkansas ($215,496).
3 YEAR COST OF LONG TERM CARE
District Of Columbia
How Much Does Long-Term Care Cost Per Month?
The current monthly median national cost for a home health aide would run you some $4,576 per month. An assisted living facility is going to run you about $4,300 per month. Lastly, a nursing home’s monthly costs are about $7,756 per month for a semi-private room and $8,821 for a private room.
What Is The Average Daily Cost Of Long Term Care?
The current daily median national cost for a home health aide would run you some $147 per day. Adult daycare is going to run you about $74 per day. Lastly, a nursing home’s daily costs are about $255 per day for a semi-private room and $290 per day for a private room.
Elderly & Long Term Care Insurance Statistics
What Is The Average Cost Of Long Term Care Insurance?
According to recent industry research, the average cost of long-term care insurance is $2,700 per year. While there are some discounts for couples, most Americans can’t afford the cost of a LTC policy. It’s probably why the average age of someone purchasing a long-term care policy is 58 years old, and only about 8.1 million Americans even have a policy.
How Much Is Long Term Care Insurance For A 65 Year Old?
Long-term care insurance for a 65 year old couple would cost around $7,000 per year; like all insurance, the younger you get the coverage, the lower your premiums will be. For example, a 55 year old couple would only be looking at about $2,500 per year for long-term care insurance.
Average Cost Of Long Term Care Insurance By Age
Annual Premium (Average)
Single Man - Age of 55
Single Woman - Age of 55
A Couple - Both Age of 55
Single Man - Perfect Health - Age of 65
Single Male - Average Health - Age of 65
Single Woman - Perfect Health - Age of 65
Single Woman - Average Health - Age of 65
Things aren’t getting any easier for the long term care industry, and by 2050 more Americans are expected to need long term care than ever before. We have to figure out a way to make long-term care better for current residents and make long-term care insurance more affordable for everyone.
I must say that I am shocked at how many nursing home deaths COVID-19 is responsible for, and I hope we can get a better handle on the situation for both the staff and residents.