Actuarial Science 1021A/B Study Guide - Assisted Living, Long-Term Care Insurance, Waiting Period
16 Oct 2014
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Document Summary
The problem of old age long term care. Historically, care was provided by family members through extended family living arrangements this is no longer the case we now live in a society of. Do not have time to look after their parents. As a result, there has been, and will continue to be, a demand for long term care (ltc) services. But ltc is costly: avg. cost of a year"s stay in a nursing home is ,000 to ,000 avg. length of stay = 1 to 2 years. 10% last longer than 5 years (cid:222) (cid:222) avg. annual cost of home care is between ,000 to. This combination of high annual cost and length of stay can easily lead to economic insecurity. Ltc used to be only about nursing home care, but now it includes: assisted living facilities nursing home care home care community care.
