Listed below is information we’ve gleaned from various publications and sources:

One of the biggest worries people have about getting older is seeing their accumulated financial resources eroded due to health care costs. More than half of all respondents (ages 25-75) are worried about spending all their money on long-term care.

(“Money, Health, and Aging Consumers: Ongoing Challenges and new Opportunities for Retirement Planning”, Journal Of Financial Service Professionals, March 2001)

Upon reaching 65, men can expect to live an additional 16 years and women, 19.2 years.

Americans are putting off decisions about planning for and financing their long-term care needs.  23% “will worry about it when the time comes”.  43% would have to tap personal resources and savings to pay for long-term care. 31% said long-term care insurance will pay the necessary expenses, yet industry statistics indicate that fewer than 10% have purchased long-term care insurance.

When asked where they would want to live should they need some assistance in daily living, most people say they want to stay in their own home.

(“Planning for the Rest of Your Life: A New Perspective”, Journal Of Financial Service Professionals, March 2001)

Over 40 percent of the seniors who turn 65 each year will spend some time in a nursing home.

(“Some Observations About the Senior Citizens’ Freedom To Work Act of 2000”, Journal Of Financial Service Professionals, January 2001)

One out of every four families provides care to an elderly relative or loved one.

The average age of these caregivers is 46, and nearly two-thirds are working.

(“Geriatric Care Management: Building Bridges in the Aging Network”, Journal Of Financial Service Professionals, November 2000)

About 1.5 million Americans receive nursing home care each year. About 8 million receive home health care each year.

The incidence of home health care is about 10 times greater than nursing home care for those under 65.

In the 70-79 age group, the chances of needing nursing home care are four times greater for singles than for married persons.  And the average nursing home stay for the single person is about 40 percent longer.

With the increasing number of elderly, particularly the very old, long-term care needs and expenditures will continue to grow faster than all health care needs and expenditures.

("Long-term Care Trends and Demographics: Implications for Financial Planning", Journal Of Financial Service Professionals, September 2000)

Results of a study of 55 specifically selected caregivers by the National Alliance for Caregiving and the National Center for Women and Aging at Brandeis University:

The caregiving responsibility lasted much longer than expected.  The average length was eight years - the range of care was from three to fifteen years.

Caregiving took a great toll at work.  Many adjustments needed to be made, and some had to quit or retire early.  Many passed up promotions, new assignments, and opportunities for transfer and relocation.

Caregivers lost an average of $566,000 in wages, $25,000 in Social Security, and $67,000 in pension contributions.

Caregivers spent an average of $19,500 out-of-pocket to provide care for their care recipients.

Three-quarters of the caregivers said caregiving had an impact on their health.

(“Boomer Wake-UP Call: Balancing Work and Caregiving and the Cost Involved”, Journal Of Financial Service Professionals, March 2000)

More than 25 million adult Americans are providing unpaid care for an adult friend or relative.

Caregivers who face the most intense demands reported a depression rate six times the national average. (source: National Family Caregivers Association)

The average caregiver is a 46-year-old married woman who works full time.  (source: National Alliance for Caregiving/AARP).

47% of working caregivers devote more than 40 hours a week to caregiving. (source: National Family Caregivers Association.)

(“Taking Care”, Mature Outlook, December 2000.)

The vast majority of older people want to remain independent and do not want to move in with their children.

(“Understanding Our Older Customers: Approaches to Segmenting the Mature Market”, Journal Of Financial Service Professionals, November 1999.)

People age 85+ are almost six times as likely to need long-term care than are people in their 60s.

As people live longer, about half of older women and a third of older men can expect to spend some time in a nursing home.

If current trends continue, the annual cost of being in a nursing home will increase to $190,000 by 2030.

Most people who require long-term care service would prefer to receive care at home.

About one-third of Americans believe they can rely on the government for their long-term care costs.  50 percent of boomers believe their health care plan will cover their long-term care needs.  Health insurance does not cover long-term care expenses.

Two-thirds of respondents to a recent survey found it difficult to admit they would ever need some long-term care during their lives.

1 in 10 Americans older than 65 and almost half age 85 and older who live in the community require assistance with their everyday activities.

26 percent of families who help elderly relatives use (family) money allocated for retirement and 12 percent dip into college funds to pay for this care.

Overall, 46 percent of boomers could afford to purchase long-term care insurance.

(“Retirement Planning for Baby Boomers: The Role of Long-Term Care Insurance”, Journal Of Financial Service Professionals, September 1999.)

According to a study by the American Health Care Association of 800 Americans age 34 to 52:

• 68% are unprepared for the expense of long-term care.
• Only about 2% are covered by LTC insurance (27% said they were).
• Many believe they have the coverage or will be covered by Medicare.
• 56% did not know that Medicare does not cover extended stays in a nursing home.
• Baby boomers are in denial - they don’t believe they will ever need long-term care.

(“Study: Long-Term Care Crisis Ahead”, Best’s Review, May 1999)

According to a study by the American Council of Life Insurance (ACLI) - by 2030:

The number of elderly will double to nearly 70 million.

The number of nursing homes will double, and the cost of care will quadruple and could reach $330 billion per year.

The frail elderly may not be able to rely on family or friends for help as they do today.

One in four baby boomers has no children.

(“Long-Term Care Crisis Forecast”, Best’s Review, April 1999)

It is unlikely the federal government will have the resources to pay for the care of the estimated 3.2 million elderly who will reside in nursing homes in 2010.

Retirement will represent for many people the longest stage of their lives.

Today, the life expectancy for a newborn male is 73 years, for a female, 79 years.

The average period of retirement is now 17 years.

By 2010, there will be 40 million Americans over age 65; by 2020, 56 million; and by 2030, 75 million.

Between 1990 and 2020, the segment of our population age 50 and over will grow by 82%.

(“Retirement in the New Century”, Best’s Review, April 1999)

“The biggest obstacle to the purchase of long-term care insurance is the untrue belief that the federal government will pay for it.” (Peter Goldstein - Long-Term Care Group, Inc.)

There is a one in 80 chance of ever using your homeowner’s insurance, and a one in 40 chance of using your automobile insurance, but about a 60 percent chance that you’re going to be in a nursing home after age 65.

(“LTC Insurance Is Still A Tough Sell Despite Many New Features”, National Underwriter, May 10, 1999.)