Have You and Your Family Discussed Long-Term Care?

Many people believe that a long-term care event will not happen to them. 

You may be in good health, active, and not old enough to think about planning for a potential long-term care event. But have you thought about what a long-term care event could do to your family and your finances? 

Individuals are living longer . . . but we are not necessarily living these years in the best of health. Although medical advances have helped increase life expectancy, we still must face the realities of aging. One of these realities is the need for assistance with daily activities.

Consider a few facts about long-term care:

  • Long-term care refers to the assistance required when a person is unable to perform activities of daily living due to illness, accident, cognitive problems, or the frailties of old age. This custodial care includes needing help with bathing, dressing, eating, toileting, continence, and transferring.
  • Medicare doesn't cover most long-term care expenses.
  • Medicaid only covers nursing-home care once a person has depleted his or her own assets to poverty levels.
  • The nationwide average cost for a private room in an assisted living facility is $4,000 per month.*
  • The nationwide average cost for a private room in a nursing home is more than $100,000 per year.*
  • Care at home can range from $42,000 to more than $100,000 per year, depending on the geographic location and the level of care needed.
  • Actual cost of care will vary in each state. View the most recent cost of care in your state.

The best time to talk about a crisis is before it happens. That's why we encourage you to have a conversation about long-term care with your family today. As you discuss these important issues, please remember that we can provide you with information about long-term care planning and review your financial plan to ensure that you're prepared for the life changes we all face.

*According to the Genworth 2018 Cost of Care Survey