According to the United States Department of Health and Human Services, nearly seventy percent (70%) of people turning age 65 today will need some sort of long-term care as they age, and twenty percent (20%) will need care longer than five (5) years. New estimates predict ninety-one percent (91%) of married couples today will see one spouse needing prolonged care in their lifetime. Despite this, only eighteen percent (18%) of the population owns long-term care insurance.
Of those needing care, around twenty-nine percent (29%) are in a facility. While residents of institutions are generally more disabled than care-dependent elderly in the community, for every institutionalized person over age sixty-five (65) there are twice as many requiring similar levels of care in the community.
Who actually provides long-term care? Great question. There are three (3) main provider sources. The first includes institutions such as nursing homes or assisted living facilities. The second is professional home care. The third is care provided by relatives and/or family members.
Who actually pays for long-term care? The main sources are:
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