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The Alemian File – The Odds of Needing Long-term Care

The Statistics May Shock You!!!

By David Alemian

Most people don’t spend much time, if any, thinking about long-term care insurance, but if you knew the statistics you give it some thought.

Here are a few interesting facts about long-term care. All Americans have a 70% chance of needing long-term care at some point in their lives. Nationwide, the average cost to stay in a long-term care facility is about $100,000 per year. The average time spent in a long-term care facility is two and half years. That is just the cost of the long-term care facility, it does not include additional medical costs. Simply put, it is financially devastating to a couple when one spouse requires long-term. It doesn’t matter which spouse, in most cases, the couple is financially wiped out.

Now let’s go back to the statistics. If all Americans have a 70% chance of requiring long-term care, what are the odds of running long-term care for one out of any two people, such as a couple. I asked this question to many people and no one could tell me the answer, until one day I spoke to a bright young man from an insurance company. We were having a conversation and the topic of long-term care came up so I asked him the question. I wasn’t expecting a definitive answer, but to my surprise he told me that he minored in probability and statistics in college. He then went on to explain how to figure it out and I will share that formula with you.

First, we don’t look at the 70% who will get sick, instead we look at the 30% who stay healthy. We multiply 30% times 30% and that gives us 9%. We then subtract 9% from 100% and that gives us 93%. That’s a bunch of math, so just keep reading and I will tell you what it means to you.

Here is the bottom line… mathematically, out of any two people, there is a 93% chance that one of them will require long-term care at some point in their lives. When I think about my relatives, aunts, uncles, cousins, and grandparents, in most cases, at least one out of each couple, eventually required long term care. Whenever I have asked friends and associates how many of their family members required long-term care, the response was the same. As you read this, think of your own family and relatives, and count how many of them require long-term care. Next, think of how it financially impacted that couple and their immediate family members. In many cases, a sibling and/or offspring, bared the brunt of the financial burden.

Most people are either uninsured or underinsured when it comes to long-term care insurance. Just like life insurance, it’s something that most people simply don’t think about until it’s too late. If you give it some thought, and talk to an independent insurance agent, you can get affordable long-term care insurance, and life insurance for that matter, so you are prepared. Remember, if you’re a couple, there is a 93% chance that you will eventually need long-term care insurance, and you’ll be glad you have it when you need it. Moreover, there is a 100% chance that you will need life insurance and be glad you have it when you need it.

If you need a good independent insurance agent, check out www.LowestQuoteLife.com. It’s an independent agency that represents about 80% of the life insurance carriers, and is one of the best places to look. sThey also provide long-term care coverage from the top A-rated Carriers.

If you have comments or questions, send an email to David@TheAlemianFile.com. For more information, check out The Alemian File Facebook page. Please make sure you “Like” the Alemian File Facebook page when you visit.


About David Alemian

Successfully creating affordable retirement plans guaranteed to last a lifetime is a unique, specialty skill. It’s a challenging arena but respected writer David Alemian makes it look easy. Alemian is a leading retirement expert and nationally recognized authority whose expertise is shared via video columns, numerous journals, and talk-shows.

His national recognition results from both revolutionizing and revitalizing how organizations and individuals like you and me plan and save for retirement. Alemian is considered “The Go-To Guy” for creating and implementing absolutely irresistible, lifetime retirement pension programs.

Formerly the host of “It’s About Money” Radio Show, Alemian has also produced and is featured in over 200 financial education videos. Additional content can be found in many well-respected, publications including: MD Magazine, Physician’s Money Digest, Physicians Practice, Journal of Clinical Oncology, Consultant Live, Psychiatric Times, Cancer Network, OB/GYN.net, and The Healthcare Executives Network.


This article reflects the thoughts and opinions of the author and is being provided for educational and informational purposes only. It should not be considered financial or tax advice. Please consult your financial or tax advisor about your situation.