In-Home Non Medical and Medical Care
Investment $20k to $70k Liquid Investment, $30k to $150k Total Investment
The need for non-medical, in-home care is growing at an unprecedented rate; just read some of the industry facts we have compiled for you and you'll understand exactly what we're talking about.
Currently, the chance of needing long term care (either home care or nursing home care) is greater than 50%. Health Care Insurance Association of America/Life Plans, Inc 1995
In approximately the last 30 years, the population aged 85 and over increased by 274%! Health Care Association 1998
There are now over 34 million people in the U.S. over age 65 - approximately 12% of the population. By 2030, the number will grow to 70 million, or one-fifth of the population! The Gerontological Society of America 1999
The cost for long term care may triple in the next 20 years Projected Needs of the Aging Baby Boomers, General Accounting Office 1995
It's projected that one out of every two Americans may need some form of assistance with their daily living activities at some point in their lives. Health Care Insurance Association of America/Life Plans, Inc 1995
Currently, the average annual cost nationally for nursing home care is approximately $50,000. In some areas of the United States, that cost can be as high as $80,000 to $90,000! NYS Partnership for Long Term Care and State of Connecticut Department of Social Services 1998
At the national current average of $50,000 per year, a 50-year-old person today can expect to spend approximately $497,000 per year if he or she needs nursing home care at age 80. Health Care Financing Administration 1997
Of the $135 billion spent on long-term care for older Americans in 2004, 60% was paid by government and 33% was paid out-of-pocket by consumers. Congressional Budget Office 2004
Medicaid is the single largest public source of funding for long-term care for impaired elders ($47 billion in 2004). Congressional Budget Office 2004
Only one-third of the public funds spent on long-term care for seniors pays for help at home. Most government expenditures pay for nursing home care. Congressional Budget Office 2004