The High Cost Of Long Term Care – The Genworth Annual Survey
May 26, 2016
The High Cost Of Long Term Care – the Genworth Annual Survey
May 26, 2016
By: Thomas E. Shea, Esq.
Genworth, a financial services company that offers life and long term care insurance products, publishes an annual state/regional survey of long term care costs. Genworth’s annual survey for 2016 was recently published, and can be found here. This information, which allows you to do a state by state (and region by region) comparison of long term care costs, can be useful in anticipating and planning for long term care options.
For example, according to the Genworth survey, the monthly cost nationwide for an assisted living facility averages $3,628/month v. $4,380/month in the Philadelphia region. The monthly cost nationwide of a nursing home (private room) is $7,698/month v. $10,646/month in the Philadelphia region. This survey shows that long term care costs in the Philadelphia region are significantly more than in many other regions of the United States.
Long term care is not a topic people want to talk or think about, so planning ahead for this possibility often is ignored or deferred (“I’ll get to it someday”). However, according to the US Health Department of Health and Human Services, about 70 percent of people 65 years of age or older will need some long-term care services during their remaining lifetime. Simply, if you are approaching 65 (preferably sooner), you should consider planning now for long term care as part of your financial and estate planning.
Planning now, before you need long term care, can give you the information to determine what options are available to you and what steps you may want to take now to ensure that you will be able to afford long term care when you need it. What long term care options are available? What are the costs? How will I pay for it? Will I be able to leave anything to my family at my death if I need long term care during my lifetime?
Having this information before you need long-term care can mean more choice and control over long term care options if and when needed, and can mean less financial and emotional stress on you and your family.
For more information on our estate and long term care planning services for Pennsylvania residents, please contact our office at 215-572-8111.