Long-term care refers to the range of services that a person—of any age—may need to meet their daily, personal needs. While long-term care may include healthcare, it more often deals with the assistance people need with the every day tasks of life. Although people of different ages may need long-term care, it is estimated that almost 70% of people turning 65 will need some form of long-term care.
Planning and paying for long-term care is a source of stress for many people and their families. In addition to the actual expense, most people underestimate the cost of paying for long-term care and only 1 in 6 people actually has long-term care insurance. Most people assume they will not need it and do not make it a financial priority when they are younger.
For all of these reasons—and more—our June Resource of the Month takes an in-depth look at long-term care. The guide will walk you through who needs long-term care and provides an overview of personal and government resources that can be used to pay for long-term care. In addition, the guide provides a chart that illustrates the average national costs of long-term care:
Keep in mind that these are national averages. As we explored in our post, “What’s your long-term plan,” costs in other cities may be significantly higher—especially if you live in New York City or San Francisco.
The bottom line? Long-term care is something to plan for and pay attention to now. Our Resource Guide is a great first step to making sure you understand the scope, cost, and payment options for you and your family. Download it today so you can begin to understand this vital topic.
If you’re ready to have a more serious conversation about long-term care, please contact the The Robin Weingast & Associates team. Robin Weingast and her entire staff are well versed on all aspects of long-term care. We would be happy to help put a plan in place for you and your family as well as explore the feasibility of providing long-term care benefits to your employees.