A famous first lady once said:
“There are only four kinds of people in the world: those who have been caregivers; those who are currently caregivers; those who will be caregivers; and those who will need a caregiver.”
With people living longer, the question isn’t if you’ll need long-term care, but when. How you’ll pay for that care is another important question.
According to LongTermCare.gov, a person turning 65 today has almost a 70% chance of needing some type of long-term care services and support in their lifetime.
But what does that kind of care cost? The truth is, most have no idea.
Genworth’s Cost of Care 2024 study reports these alarming national annual medians:
- Nursing home care (private room) – $127,750
- Nursing home care (semi-private room) – $111,325
- Assisted living facility – $70,800
- In-home care (home health aide) – $77,792
- In-home care (homemaker services) – $75,504
So, how do we plan ahead? Your roadmap to long-term care isn’t a single solution, but rather a strategic approach tailored to you and your family’s needs. Here are some ideas to consider:
Next steps
Long-term care planning is not about anticipating a worst-case scenario. It’s about starting these discussions early and making sure everyone in your family is on the same page.
And remember, you don’t have to do this alone. We’ll help you create a roadmap that aims to preserve your assets and keeps your family looped in. Simply contact us to schedule time to talk about your long-term care strategy.