Published on Annuity.org
By Jennifer Schell, July 25th, 2024
This guide provides an insightful overview of long-term care statistics, highlighting trends in nursing home utilization, long-term insurance coverage and the financial impact on retirees. Discover key data to make informed decisions for your retirement planning.
Long-term care refers to services and support provided to individuals who require assistance with their daily living activities due to chronic illnesses, disabilities or cognitive impairments. Its purpose is to help people maintain their independence and quality of life when they can’t perform essential tasks on their own. There are many types of long-term care, including home care services, assisted living, nursing homes, memory care facilities, hospices and more.
We’ve put together a list of long-term care statistics for 2024 and tips that can help you plan for your health care needs later in life — explore them in depth here.
Key Takeaways:
- Long-term care insurance firms paid out a record $13.25 billion in 2022.
- Today’s 65-year-olds have a nearly 70% chance of requiring long-term care services and support.
- Nursing home care costs about $108,408 per year for a private room.
- The median resident age of assisted living facilities is 84 years old.
- Reports show that 1.4 million Americans have received hospice care in 2023.
