Too often, long term care conversations come far too late for families, which leaves them scrambling for options and resources when a loved one hasan LTC event. Since 70% of people turning age 65 can expect to use some form of long term care during their lives, planning ahead for potential LTC needs is crucial to protecting a family’s financial, emotional and physical health.
WHO WiLL PAY FOR LONG TERM EXPENSES?
Not health insurance
Medicaid only under certain circumstances
COSTS TO FAMILY & FRIENDS
-Americans spend $48 billion on long term care expenses for themselves or family members. By 2050 they could spend $135 billion
-Family caregivers in the U.S provide 37 billion hours of unpaid care, which is worth an estimated $470 billion
(more than total Medicaid spending - $449 billion)
Caregiving Shortage has already started a steep decline....
7.2 potential family caregivers to person age 80+
By 2030-it will fall to 4 to 1
By 2050-it will fall to 3 to 1
NURSING HOME COSTS RISING
The average cost of a one-year stay in a nursing home will increase
The cost of nursing home care increases by ~4.5% annually