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The True Cost of Long Term Care

Nearly two-thirds of Americans over age 65 will need long term care at
home, through adult day health care, or in an assisted living facility or
nursing home.

Earlier this spring, Genworth Financial embarked on a pretty ambitious study – to determine the true cost of long term care. In September they published their results in an extensive, well-written and well supported (with facts) publication, titled “Beyond Caring – The True Impact of Long Term Caring”.

As I was reading through the study, I kept thinking about my parents, who are in the unplanned situation of taking care of two frail, aging mothers (one who is in assisted living, the other in a nursing home.) Over the past few years, I’ve witnessed the growing strain this has taken on my parents, other relatives and even close friends.

What Genworth has written here is very real. The cost of long term care goes far beyond money and I think that’s extremely important for everyone to be aware of.

No matter how willing we are, no matter  how heartfelt our promises are, our caregiving commitments can affect marriages, family dynamics, work commitments, financial stability and other building blocks of our own futures.

We’ve discussed the financial costs of long term care in this blog before, but this study breaks it down even further, looking at the financial impact to primary and secondary caregivers (both of which are clearly defined):

  • 83%  Contributed financially – an average $8,800 for out-of-pocket care expenses
  • (excludes cost of facility care)
  • 57%  Had to dip into their own retirement funds and/or savings
  • 29%  Borrowed money, took out a reverse mortgage and/or sold their home
  • 63%  Reported lost income – an average of 23% of household income
  • 61%  Reduced their savings by an average of 63%
  • 40%  Reduced family vacations
  • 45%  Cut back on their own family expenses

There’s so much in this study to disseminate, and we’ll be writing about it more on our long term care insurance blog very soon. In the meantime, we highly recommend everyone take the time to read through this study. It’s an eye-opening, and honest, look at the impact a long term care event can have on family, friends and the surrounding community.

CLICK HERE to view the PDF – Beyond Dollars – Long Term Care Costs

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