Long Term Care Insurance
		Facts-at-a-Glance: The Cost of Long Term Care (LTC) In 1995, spending for ltc for the elderly totaled $91 billion. (General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998) Medicaid and Medicare expenditures for long term care for the elderly exceeded $51 billion in 1997. (General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998) The elderly and their families represent the largest single group of purchasers of long term care, spending almost $36 billion out of pocket, or nearly 40 percent of the total $91 billion expenditures for long-term care. (General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998) The cost of long term care in a nursing home for an individual can range anywhere from $35,000 to $80,000. Currently, the national average is $41,000 per year. A substantial share of nursing homes residents finance their long term care by paying out of pocket. (General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998) Over 70 percent of single individuals and 50 percent of couples with one partner in a nursing home are impoverished within a year. (Business and Health, January 1997) Since 1989, Medicaid has become the largest funder of long term home care, financing $14.3 billion in care. (General Accounting Office- Testimony Before the Special Committee on Aging, U.S. Senate, March 9, 1998) By 2030, the number of seniors residing in nursing homes will increase five-fold and cost $125 billion. (The Maturing Marketplace, January 1, 1998) January 7, 2009 Genworth Insurance Company - Long Term Care | LTC Insurance Quote | Site Map This web site should be considered an advertisement and is not a contract. Products and services mentioned in this web site are meant to be only valid for distribution in the State of Illinois, United States of America. The intent of this website is to gather consumer requests for product information or quotes, and transfer them in a timely manner to a licensed professional who will contact the consumer directly regarding their specific needs.