Long-term care before age 65?

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willthrill81
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Long-term care before age 65?

Post by willthrill81 »

In several of the threads about long-term care, some have noted that one of the big risks is needing significant long-term care at a relatively young age, such as in your 50s. But when I'm looking at the data on the subject, it seems that the likelihood of needing LTC at a residential care facility or nursing home before age 65 is tiny. Keep in mind that these numbers are only for those receiving care at an "institution" (i.e. a RCF or NH).

This table comes from the Congressional Budget Office's 2014 report on LTC. They reported that only 1.3% of those 65-74 are receiving LTC at an institution, and only 3.5% of those 75-84 are receiving the same. Compare that to the 13% of those 85 and older who need it.
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https://www.cbo.gov/sites/default/files ... 63-ltc.pdf

Even data from the potentially biased American Association for Long-term Care Insurance reports that only 4.5% of initial LTC claims were made by those under age 70.
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http://www.aaltci.org/long-term-care-in ... s-2019.php

While this doesn't provide data on how many of those younger than age 65 are receiving LTC at an institution, simple extrapolation indicates that the number is very low, close to zero. This is not to belittle or ignore those who do, but they most definitely appear to be in a tiny minority.

If anyone can find data that indicates how many of those under age 65 need LTC, I encourage them to share it.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
visualguy
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Re: Long-term care before age 65?

Post by visualguy »

It's rare at that age because the relevant illnesses typically start striking later than that. You need to get really unlucky with a medical problem such as a stroke, or a bad accident, etc.

By the way, statistics focusing on people at an institution aren't all that illuminating in my view. For example, they are pretty useless for people who can't rely or don't want to rely on family for at least part of their LTC. Since so many receive LTC from family, and are not counted in these statistics, you shouldn't view these numbers as applicable to you if you aren't going to rely on family.
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Nate79
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Re: Long-term care before age 65?

Post by Nate79 »

0.3% of homes every year have a house fire and 0.03% are total destruction. Would you drop fire from your home owners insurance due to the very low risk?
smitcat
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Re: Long-term care before age 65?

Post by smitcat »

When my wife had her knee replaced we used LTCi and she was no where near 65.
It was very beneficial to us at the time as we were losing part of an income and if I staid home that would have been disastrous.
The time that she was in a care center was minimal but the time at home requiring help was fairly significant.
smitcat
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Re: Long-term care before age 65?

Post by smitcat »

Nate79 wrote: Wed Jul 03, 2019 6:09 am 0.3% of homes every year have a house fire and 0.03% are total destruction. Would you drop fire from your home owners insurance due to the very low risk?
No, we did not drop our home insurance - and neither did we drop our LTD which was an added policy during these years.
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Stinky
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Re: Long-term care before age 65?

Post by Stinky »

Nate79 wrote: Wed Jul 03, 2019 6:09 am 0.3% of homes every year have a house fire and 0.03% are total destruction. Would you drop fire from your home owners insurance due to the very low risk?
I haven't had an at-fault accident in almost 50 years of driving. But I keep my car insurance.

Never had a home fire either . . . .
It's a GREAT day to be alive! - Travis Tritt
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