Long Term Care Insurance
More Seniors Surviving Cancer Adds To Long-Term Care Crisis
The percentage of cancer survivors aged 65 and over is already 60% and
is set to reach 63% by 2020 creating a long term care tsunami for families and
state welfare programs.
Over the next decade
there will be a dramatic rise in the number of people over the age of 65 either
living with cancer or with a history of the disease according to a new study.
According to an analysis of US cancer data, the greying of the baby boomer
generation is at the root of the issue.
"Americans are already living longer lives and that will create a
long-term care tsunami in the years to come," explains Jesse Slome,
executive director of the Los Angeles-based American Association for Long-Term
Care Insurance. "Because long-term
care insurance can only be purchased when you can medically qualify, the
tsunami will wreak havoc on family savings and state Medicaid welfare
budgets."
National Cancer
Institute (NCI) researchers found the number of people over age 65 with cancer
will rise by about 42% in the next decade.
Cancer is largely a disease of aging, the researchers noted.
The scientists analyzed
data the revealed that in 1971, the number of people in the US who had survived
cancer was about 3 million. By 2008,
the figure had risen to nearly 12 million.
In 2008, the proportion of cancer survivors aged 65 and over was 60% and
is set to reach 63% by 2020.
The most commonly
diagnosed cancers among survivors were: female breast cancer (22% of
diagnoses), prostate cancer (20%), and colorectal cancer (9%).
The high rate of survival among this population is most likely due to improved detection and screening
In contrast, the percentage of lung cancer survivors is only 3%, despite it being by far the most frequently diagnosed cancer in both men and women.
"When you live a long life and now are even more likely to survive
diseases like cancer, you are increasingly likely to need costly long term care, states
Slome. "With more Americans
living into their 80s and beyond, having a long term care plan in place is more
important than ever."
Financial planning experts note that most people wait too long to
consider their options because the right time to plan is prior to turning age
65 before medical conditions like cancer, high blood pressure are diagnosed or
become problematic. "The sweet spot
for long term
care insurance is between ages 52 and 64," Slome adds. "Prior to Medicare Supplemental Insurance"
For more information on long term care insurance, visit the Association's
Consumer Information center.
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The American Association for
Long-Term Care Insurance
http://www.aaltci.org is the national trade organization focused on
educating individuals about the importance of long-term care planning. The Association's Consumer Information Center
was voted the #1 source for information by consumer interest group rating and
can be accessed at http://www.aaltci.org/long-term-care-insurance.
American Association for Long-Term
Care Insurance
3835 E Thousand Oaks Blvd
Westlake Village, CA 91362