Facts & figures
- Of all Americans reaching age 65, one-half of the women and one-third of the men will need nursing home care at some time in their lives.
- Nearly 40% of the 12.8 million Americans who use long term care are between the ages of 18 and 64.
- Most of the long term care support needed is not complicated medical care, but assistance with the routines of daily living, such as eating, personal hygiene, getting dressed, and using the bathroom.
- By the year 2023, the number of Americans over the age of 55 will increase by 50%. With this age group growing faster than the number of working adults able to support government entitlement programs, the financial burden for long term care will fall on individuals and their families.
- The average cost of one year in a nursing home in Wisconsin is over $74,500 per year. And, if you receive care in your home, the average hourly rate for a Home Health Aide in Wisconsin is $29.14 per hour (Genworth Financial 2007 Cost of Care Survey).
- Within months of entering a nursing facility, many people have wiped out their entire life savings.
- Medicaid will not pay for nursing home care until a single person has drained their personal finances to approximately $2,000.
|
Just the facts
Play this media, learn about risk and plan as needed.
|
|