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What The Aging Population Means for Long Term Care Insurance

Long Term Care Report

Even though rates of excessive drinking and smoking has declined among older Americans, the prevalence of chronic diseases is still on the rise, and most older Americans are not prepared for the costs of long term care in a nursing home. The U.S. Census Bureau commissioned by the National Institutes of Health released a report that highlighted the trends among Americans health as they grew older, and what it means for the long term care insurance sector.

There were many critical points that were brought to light in the report, including:

  • The percentage of overweight and obese people who were 65 and older has increased. Between 2003 and 2006, more than 70 percent of older men and more than 65 percent of older women were considered obese or overweight. Obesity is associated with increased rates of arthritis, diabetes, and impaired mobility.
  • Research has suggested that the prevalence of chronic diseases, such as heart disease, high blood pressure, diabetes, and chronic lung disease, has increased among older people between 1998 and 2008.
  • Long term care costs vary by the care setting. The average cost of a private room in a nursing home was almost $330 per day, or more than $83,000 per year in 2010. Less than one-fifth of older people have personal financial resources necessary to live in a nursing home for more than three years. Medicare will provide coverage for a skilled nursing facility to disabled and older patients for short periods of time.

Investing in the right long term care policy can help to ensure that you have the protection that you need as you enjoy your golden years. Contact the independent insurance professionals at Humble & Davenport Insurance in Renton, Washington. We will work with you to make sure that you have the protection that you deserve.