1. You might have a few years ahead of you. Those who reach age 65 have an average life expectancy of an additional 19.2 years (20.4 years for females and 17.8 years for males). (Source: Administration on Aging)
2. In fact you may live to be a centenarian! About one out of every four 65-year-olds will live past age 90, and one out of 10 will live past age 95. (Source: Social Security Administration)
3. Boomers will really BOOM. As baby boomers get older, the percentage of people 85 or older in the U.S. increases from 14% in 2010to more than 21 percent in 2050. (Source: US Census.gov THE NEXT FOUR DECADES The Older Population in the United States: 2010 to 2050)
4. The elderly will dominate. The population of people 65 years or older will increase from 43.1 million in 2012 to almost 56 million in 2020. (Source: United States Census Bureau)
5. There will be a shortage of family caregivers. The number of potential family caregivers that will be available for baby boomers age 80+ drops from over 7 in 2010 to 4 in 2030 and 3 in 2050, dramatically decreasing the potential for the availability of family caregivers over the next decades. (Source: AARP The Aging of the Baby Boom and the Growing Care Gap: A Look at Future Declines in the Availability of Family Caregivers)
6. Most will need assistance. On average, 70% of people turning 65 years old will need some type of long-term care services and supports in their remaining years. (Source: LongTermCare.com How Much Care Will You Need?)
7. Alzheimer's is on the rise. By 2025, the number of people age 65 and older with Alzheimer's disease is estimated to reach 7.1 million - a 40% increase from the 5 million over age 65 who are currently affected. (Source: Alz.org Alzheimer's Facts and Figures)
8. Many require long-term care assistance to complete activities of daily living. Worldwide, 13% of people over the age of 60 require long-term care. (Source: World Alzheimer Report 2013)
9. The cost of care is growing exponentially. For a 55-year-old Illinois woman, the median monthly cost of a private room in a nursing home is $5,870 in 2013. However, in 25 years, when she is 80 and actually needs care, that same room will cost $19,878 per month. (Source: Genworth Cost of Care Calculator)
10. Premiums are lower and payouts are higher when you buy long-term care insurance (LTCI) at a younger age. While buying young obviously costs less per month in the short term, it also make sense over time. For example, if you buy LTCI when you're 55, you could pay roughly $75,000 in premiums and receive more than $800,000 in benefits. Conversely, if you buy at age 75, you would pay nearly $100,000 in premiums over a 10-year period and receive just $310,000 in benefits! (Source: Marketwatch.com)
Contact me today! 888-883-5290 | email
2. In fact you may live to be a centenarian! About one out of every four 65-year-olds will live past age 90, and one out of 10 will live past age 95. (Source: Social Security Administration)
3. Boomers will really BOOM. As baby boomers get older, the percentage of people 85 or older in the U.S. increases from 14% in 2010to more than 21 percent in 2050. (Source: US Census.gov THE NEXT FOUR DECADES The Older Population in the United States: 2010 to 2050)
4. The elderly will dominate. The population of people 65 years or older will increase from 43.1 million in 2012 to almost 56 million in 2020. (Source: United States Census Bureau)
5. There will be a shortage of family caregivers. The number of potential family caregivers that will be available for baby boomers age 80+ drops from over 7 in 2010 to 4 in 2030 and 3 in 2050, dramatically decreasing the potential for the availability of family caregivers over the next decades. (Source: AARP The Aging of the Baby Boom and the Growing Care Gap: A Look at Future Declines in the Availability of Family Caregivers)
6. Most will need assistance. On average, 70% of people turning 65 years old will need some type of long-term care services and supports in their remaining years. (Source: LongTermCare.com How Much Care Will You Need?)
7. Alzheimer's is on the rise. By 2025, the number of people age 65 and older with Alzheimer's disease is estimated to reach 7.1 million - a 40% increase from the 5 million over age 65 who are currently affected. (Source: Alz.org Alzheimer's Facts and Figures)
8. Many require long-term care assistance to complete activities of daily living. Worldwide, 13% of people over the age of 60 require long-term care. (Source: World Alzheimer Report 2013)
9. The cost of care is growing exponentially. For a 55-year-old Illinois woman, the median monthly cost of a private room in a nursing home is $5,870 in 2013. However, in 25 years, when she is 80 and actually needs care, that same room will cost $19,878 per month. (Source: Genworth Cost of Care Calculator)
10. Premiums are lower and payouts are higher when you buy long-term care insurance (LTCI) at a younger age. While buying young obviously costs less per month in the short term, it also make sense over time. For example, if you buy LTCI when you're 55, you could pay roughly $75,000 in premiums and receive more than $800,000 in benefits. Conversely, if you buy at age 75, you would pay nearly $100,000 in premiums over a 10-year period and receive just $310,000 in benefits! (Source: Marketwatch.com)
Contact me today! 888-883-5290 | email
Jeanine Kinzie is a Licensed Health Insurance Agent, Licensed Life Insurance Agent and a Federally Facilitated Marketplace Enroller / SHOP Marketplace Enroller from Grand Rapids, Michigan. Jeanine is licensed in MI, TX, IN, IL, WI, AZ, VA, AL, VA, & OH.
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