To finish off 2023, November marks the start of Long-Term Care Insurance (LTCi) Awareness Month, which highlights the long-term care needs of men and women over the age of 65, and how LTCi could help defray potential future expenses aligned with long-term care.

Putting things in perspective, at least 70% of people who are age 65 today will require some type of long-term care with the average length of stay of 3.2 years, according to the Administration on Aging. More than 20% of residents will require care for five years or longer.

Another staggering statistic showing the need for LTCi involves how Americans spend $475.1 billion ANNUALLY on long-term care with Medicaid only covering about 54% of America’s LTC costs.

According to the What Care Costs website, the national averages for long-term care continue to grow. Note: Each state has different costs for care, but AIPMA is showing the median averages nationwide. Individual states may be higher or lower.

• Skilled Nursing Homes: $278 per day for semi-private room; $319 per day for a private room
• Home Health Care: $29 per hour for a Home Health Aide; $133 per visit for a Licensed Nurse; and $150 per visit for a Registered Nurse
• Assisted Living Facilities: $5,000 per month for a Studio Apartment; $5,278 per month for 1 Bedroom Apartment; and $5,280 for a 2 Bedroom Apartment

The What Care Costs website also lists the states by highest and lowest LTC costs. The states with the highest LTC costs include (in order): Connecticut, North Dakota, New Jersey, Hawaii, and Massachusetts. The states with the lowest LTC costs include (in order): Texas, Oklahoma, Louisiana, Arkansas, and Missouri.

Basically, AIP Marketing Alliance is stating how the need for LTCi exists now and will only become even more prevalent in the future as healthcare costs continue to rise annually. For that reason, our team has scheduled a few webinars with carriers having life insurance and annuities with LTC provisions as well as stand-alone LTC products.

• Global Atlantic Financial Group on Tuesday, October 17th at 11:30 a.m. EST
• EquiTrust on Tuesday, October 24th at 11:30 a.m. EST
• Lincoln Financial Group on Wednesday, October 25th at 1:00 p.m. EST
• OneAmerica on Tuesday, October 31st at 11:00 a.m. EST

AIPMA also will release its popular Long-Term Care Awareness Insurance Month social media graphics in October to help wholesalers and agents promote LTCi throughout November. These graphics can be customized with your logo and contact information.

The online sessions are available only to AIPMA contracted wholesalers and agents. To receive the link for each session or AIPMA’s new LTCi Awareness Month social media graphics, please contact AIPMA’s Business Development team at (800) 783-5206 Press #2 or marketing@aipma.com.