With November designated as “Long-Term Care Awareness Month,” here are some important facts you should be aware of when it comes to planning for long-term care:
- 70% of people over age 65 will require some type of long-term care services during their lifetime. (Source: 2015 Medicare & You, Centers for Medicare & Medicaid Services)
- The average length of a nursing home stay is 835 days—or more than two years. (Source: Centers for Disease Control and Prevention, Nursing Home Care Fast Stats 2014)
- At a median daily rate of $240, an average nursing home stay of 835 days currently costs over $200,000.
- 78% of adults receiving care at home rely on family and friends as their only source of care. (Source: National Family Caregivers Association.)
- More than one in six Americans working full or part-time report assisting with the care of an elderly or disabled family member, relative, or friend. Caregivers working at least 15 hours per week said it significantly affected their work life. (Source: National Family Caregivers Association.)
It is human nature not to worry about an event until it happens. It is, however, crucial to have a plan in place that protects you and makes sure a long-term care event doesn’t burden your loved ones.
To find out how much long-term care costs in your area, please click on this link. Genworth has done extensive research in all parts of the country with all forms of care. Be sure to call your Silverhawk Private Wealth advisor at 480.296.0200 if you have any questions, or would like to discuss your long-term care options.