LONG TERM CARE AT A GLANCE
Slide Show

LONG TERM CARE AT A GLANCE

Istockphoto

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 2 of 8

Estimated years of LTC needed after turning 65

Istockphoto

Advertisement
It has been projected the 31% of people turning 65 will never need long term care. Of those who do need long term care, 17% will only need it for one year or less. 12% will need care for 1-2 years, 20% will need care for 2-5 years and 20% will need care for more than 5 years.
Source: P. Kemper,H.l. Komisar and L. Alecxih, "Long-Term Care Over an Uncertain Future:What can Retirees Expect?"
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 3 of 8

Where people get LTC

Istockphoto

Advertisement
For people 65 and over, 1.3 million people will receive long term care in a nursing home while 4.6 million will get it through a community. The numbers drop under the 65 year mark, where only 170,000 will get care through a nursing home rather than the 4.2 million through a community.
Source: Judith Feder, Harriet L. Komisar and Robert B. Friedland, "Long-term Care Dinancing:Policy Options for The Future,Georgetown University.
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 4 of 8

Who pays for LTC?

Istockphoto

Advertisement
Well the majority of the monetary burden falls to Medicaid $101.1 billion to be exact. Then as follows: Medicare:$42.2 billion, Recipients and their Families:$37.4 billion, Private Health and Long Tern Care Insurance:$14.9 billion, Other Private Funds: $5.6 billion and Other Public funds: $5.3 billion.
Source: National Spending for Long term Care; updated fact Sheet 2007, Georgetown University Long-Term Care Financing Project.
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 5 of 8

Projected growth og LTC costs 2005-2016

Istockphoto

Advertisement
It will definitely be getting more costly.
2005: $169 billion
2010:$226.1 billion
2016: $322 billion

Source: National Health expenditure Projections 2005-2016, Centers for Medicare%Medicaid Services, Office of the Actuary
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 6 of 8

Who provides LTC to frail older recipients?

Istockphoto

Advertisement
Daughters. The burden to provide for noninstitutionalized older recipients seems to fall mostly to the daughter or daughter in law, by 36%. 28% of spouses will provide care while sons or son in laws is only 16%. The remainder falls to the neighbor, relative or grandchild.
Source: Richard W. Johnson and Joshua M. Weiner, "Aprofile of Frail Older Americans and Their Caregivers".
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 7 of 8

Growth in elderly population

Istockphoto

Advertisement
With boomers growing up and seniors living longer the elderly population is growing.
Age 65-84: 30.4 million (2000), 47.4 million (2020) and 64.6 million (2040)
Age 85 and older: 4.3 million (2000), 7.3 million (2020) and 15.4 million (2040)

Source: U.S. Census Bureau Annual Estimate of the Population by Sex and Five Year Age groups for the United States and U.S. Interim Projections by Age, Sex, Race and Hispanic Origin.
Advertisement
Advertisement
Advertisement
Advertisement

LONG TERM CARE AT A GLANCE | Slide 8 of 8

Number of adults projected to recieve LTC

Advertisement
For the number of adults projected to receive long term care services both paid and unpaid, the number is growing. 2000:16.8 million
2020: 20.2 million
2040 31.1 million

Source: Meeting the Long-Term Care Needs of the Baby Boomers: How Changing Families Will Affect Paid Helpers and Institutions, Richard W. Johnson, Desmond Toohley and Joshua M. Weiner, The Retirement Project Discussion Paper.
Advertisement
Advertisement
Advertisement
Advertisement