Longer life expectancies mean more Americans will face chronic health problems, not covered by Medicare, that require long term care. Yet most don’t have the assets or insurance required to pay for long term home care or an extended nursing home stay.
The Facts:
| Life Expectancy | ||
| Average life expectancy for a: | 40-year old | 78.7 years |
| 65-year old | 82.7 years | |
| Americans now aged 65 expected to live to age 90: | 25% | |
| Americans 85+ who need help with daily activities: | 50% | |
| Nursing Homes | ||
| Average annual cost: | nationwide | $51,000 ($140/day) |
| in urban areas | $73,000 ($200/day) | |
| Average length of stay: | 2.3 years | |
| Residents who stay 5 years or more: | 21% | |
| Residents who exhaust their resources to pay for it: | 50% | |
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Long-Term Care |
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| Americans expected to need it: | 50-60% | |
| Americans who have purchased a policy: | 6% | |