No Myth: Need Another Crisis? By the numbers.

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Posted Sep 02

1. There are approximately 79 million Baby Boomers in the U.S. (those of us born between 1946 & 1964, roughly).
2. About 5 million have some form of Long Term Care insurance, or just over 6%.
3. About 15.8 million– 20% -will need Long Term Care insurance once they pass age 65.
4. Average cost in Oregon for a semi-private room: $78,475 or $6539/mo. (see Compare Costs)
5. Average annual premium for a 60 yr. old married couple to insure that $6539/month Long Term Care cost: $4672.00 ($3971 if in excellent health)
6. Lifetime additional cost of waiting just 5 years to buy Long Term Care insurance: $41,244.00 The premium cost doubles about every eight years, assuming you even qualify at that time.
7. Number of days on claim at age 80 to recover premiums paid: 120
8. Number of days the Long Term Care insurance will cover your nursing home stay: 1825