Morningstar, a popular publication from the renowned Chicago investment firm of the same name, recently culled together a list of “50 must-know statistics” from the world of long-term care.(For those who can’t access the latest data, you can find last year’s statistics, which chart similar numbers, in Morningstar’s archive.)
Together, they paint a picture of a country in which more people are growing older than ever and yet too few have put the proper plans in place. We thought we’d share some of the more startling statistics here:
- 44% of men will need long-term care during their lifetimes. 22% will require more than a year in a nursing home.
- 58% of women will need long-term care during their lifetimes. 36% will require more than a year in a nursing home.
- Between 2000 and 2010, the number of people over the age of 65 using some sort of in-home senior care increased by 50%.
- Between 2000 and 2010, the number of people over the age of 65 who spent at least one night in a nursing home increased by 40%.
- The elderly dementia rate is expected to increase by 40% between 2015 and 2025.
- 64% of nursing home residents have been diagnosed with Alzheimer’s or some other form of dementia.
- 22% of long-term care costs are paid out of pocket.
- The national average for a private nursing home room is $91,250 per year.
- There are currently 43.5 million adults providing unpaid for care to a family member over the age of 50.
Those are some undeniably stark numbers, but their purpose isn’t to alarm or intimidate anyone. Rather, the idea is to alert aging Americans to a real challenge that is on their horizon — a challenge they can absolutely meet with adequate planning.
Long-term care is an inevitability for many Americans, and by the time you’ll know whether you’re one of them, you will have already needed to put your advance plans in action. We’d like to help with that.
Feel free to give us a call and talk about how you can end up on the bright side of these statistics. All it takes is a little planning and some strategic, professional guidance.
