Long Term Care (LTC) -Hope you have it.

Long Term Care Policies have been around awhile.  Many of you bought them when the payout did not have a cap on the number of years.  I purchased mine about 7 years ago through a large insurance company and was told that the cap of payment was five years.  I was informed that most people that need long term care, whether in the home or in a facility averaged about 5 years before the person expired.
I just read a study that the current average life span once LTC use begins is 3 years!  What is happening?  I did began to get curious as to what care in different facilities cost both nationwide and locally in central Virginia.  What I did find  is that the cost of  using this care in your home is growing at a much slower rate  versus a long term care facility (Blackwell, 2014).
Would not most of us prefer to be in our own home.  My insurance carrier explained to me that if I received this care in my home from an agency and/or used an elderly day care that I could stretch the monies alloted in these policies to almost double time.  For me that would be 10 years!
If I were paying out of pocket and did not have a policy, what might this service cost in my home?
As recently reported by a Genworth Financial study, "Nationally, the 2014 median hourly cost for the services of a homemaker or home health aide hired from a home care agency is $19 and $19.75, respectively. In Virginia, the median hourly cost of homemaker services is $18 and the median hourly cost of home health aide services is $19. " (Blackwell, 2014).  I am glad I purchased a policy when I did.  I would be without funds quite quickly trying to pay these rates.  I realize the agency gets a percentage of this payment but the hourly rate is about the same as a beginning Registered Nurse!
I am sure those of you that have arranged care for elderly parents are aware of these costs.  Placement in an assisted living facility or a nursing home would be close to double this assessment. The question I am left with is --why is the average life span once one begins long term care declining?  I will have to research this trend.  There will be more to come. Hope you have explored a Long Term Care Policy!

Blackwell, J. (2014).  Genworth Studies Costs of Elder Care.  Retrieved from http://www.newsadvance.com/work_it_lynchburg/news/genworth-studies-costs-of-elder-care/article_fefc9946-c47f-11e3-aea2-001a4bcf6878.html