By the Numbers
Understanding the True Cost of Long-Term Care
Going without a long-term care protection strategy could result in both financial and emotional ramifications. These are some of the impacts an unexpected health event could have to your pocketbook and your caregivers in retirement:
Financial
According to the Genworth Cost of Care Survey¹ (2023), the median annual costs for these services are:
$0
Homemaker Servicesa$0
Home Health Aidea$0
Adult Day Health Careb$0
Assisted Living Facilityc$0
Nursing Home, Semi-Private Roomd$0
Nursing Home, Private Roomd1 Genworth. “Cost of Care Survey 2023.” https://www.genworth.com/aging-and-you/finances/cost-of-care.html. Accessed Aug. 22, 2024.
ᵃBased on 44 hours per week by 52 weeks
ᵇBased on five days per week by 52 weeks
ᶜBased on 12 months of care, private, one bedroom
ᵈBased on 365 days of care
Emotional
Below are some of the possible impacts to caregivers in a long-term care situation.2
0%
Employed while caring for someone over age 500%
Average amount of hours per week spent providing unpaid care for loved ones they don’t live with0%
Concerned about the physical strain that comes with caregiving0%
Concerned about the emotional strains of caregiving0%
Diagnosed with two or more chronic conditions0%
Used all their short-term savings while taking care of elderly parents at home²Claire Samuels. A Place for Mom. June 15, 2023. “Caregiver Statistics: A Data Portrait of Family Caregiving in 2023.” https://www.aplaceformom.com/senior-living-data/articles/caregiver-statistics. Accessed March 4, 2024.
Did you know?
Long-Term Care Can Be an Asset for More Than Just Your Health
In addition to traditional long-term care insurance options, there are several other avenues available that can offer coverage options, including fixed premiums, tax-free death benefits* and flexibility to use benefit payments however you choose.
These options include:
Asset-Based Long-Term Care Insurance - Life Insurance
Long-Term Care Riders on Insurance/Annuity Products
Chronic Illness Riders on Insurance/Annuity Products
Asset-Based Long-Term Care Insurance - Annuities
Annuity Income "Doubler" for Confinement or Home Health Care
*Life insurance death benefits are generally tax-free to a properly named beneficiary. Life insurance agents do not give tax or legal advice.
Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. Insurance products are offered through the insurance business Lighthouse Financial Group, LLC. Lighthouse Financial Group, LLC is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. AEWM does not offer insurance products. The insurance products offered by Lighthouse Financial Group, LLC are not subject to Investment Adviser requirements.
Concerned About Long-Term Care?
It’s estimated that seven in 10 Americans age 65 and older will need some type of long-term care. This guide can help you understand possible costs and solutions, including:
- Strategies to help protect your potential caregiver from financial burden
- How much long-term care costs are expected to rise
- The true impact of long-term care
Be Proactive, Not Reactive
It's never too early or too late to expect the unexpected - so you can enjoy life on your terms. Get started by scheduling a no-obligation meeting with Lighthouse Financial Group or registering for an upcoming event.
