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LTC insurance helps people of all ages meet the expenses of long term care at home or in a residential facility.
Long Term Care Insurance Needs by Age
About 70% of people over age 65 need long term care during their lifetime.
Of the people receiving long term care, 40% are 18-64 years of age.
More than half (55.2%) of people receiving new long term care insurance benefits in 2007 were over age 80.
Long Term Care Insurance Benefits
About 20% of long term care recipients need care for more than five years, and 29% of people taking out long term care insurance policies choose a benefit period longer than five years.
On average, women need 3.7 years of long term care in their lifetimes, and men need 2.2 years.
Most LTC policies (68%) have a daily benefit amount between $100 and $199.
LTC Insurance for Home and Residential Care
In 2007, long term care insurance paid out a total of $3.5 billion in benefits.
Only 25.7% of long term care insurance claims paid for nursing home care in 2007.
Most long term care insurance pays for home care, with 43% of claims, and assisted living, with 30.5% of claims.
