Welcome to the

Long-Term Care RESOURCE CENTER

Everything in one place!

  • Who will need Care?
  • What will trigger the need?
  • The many alternatives for Care
  • Costs and Cost Saving Advice

SPECIAL MESSAGE from BRUCE!

No worries about long-term care

NEW VIDEO COMING SOON: How Bruce's mom cost $1.4million in Long-Term Care
(Check back soon)

START with this 5-minute mini-webinar on demand!

A discussion of the risks and costs for specific long-term care coverages.

LEARN The Basics:

  • WHO WILL NEED LONG-TERM CARE SERVICES?
  • HOW EXPENSIVE ARE THEY?

Let's start with the STATS:

Excerpted from Morningstar 100 Must-Know Statistics About Long-Term Care: Pandemic Editionby Christine Benz 12/08/20.

Usage of Long-Term Care

70%: Of people turning age 65 will need some type of long-term-care services in their lifetimes.

24%: of people turning 65 who will require paid long-term care for more than two years.

15%: Percentage of people turning age 65 who will spend more than two years in a nursing home.

3.7 years: Average duration of long-term-care need, women.

2.2 years: Average duration of long-term-care need, men.

67.9%: Percentage of people in long-stay nursing facilities who are women.

Cost of Care

13%  Estimated percentage of individuals age 65 today who will incur out-of-pocket long-term-care costs of between $0.01 and $50,000 during their lifetimes.

11% Of individuals age 65 today who will incur out-of-pocket long-term-care costs of between $50,000 and $150,000 during their lifetimes.

4% Of individuals age 65 today who will incur out-of-pocket long-term-care costs of between $150,000 and $250,000 during their lifetimes.

9% Of individuals age 65 today who will incur out-of-pocket long-term-care costs of more than $250,000 during their lifetimes.


$321,780: Estimated lifetime cost of care for someone with dementia.

$19,240: Median annual cost for adult day care (five days/week), 2020.

$51,600: Median annual cost for assisted-living facility, 2020.

6.15%: Change in median annual cost (inflation) for assisted living facility since 2019.

$54,912: Median annual cost for a home health aide (44 hours/week; 52 weeks/year), 2020.

$105,850: Median annual nursing-home cost, private room, 2020.

3.57%: Change in median annual nursing-home cost (inflation) since 2019.

$142,254: Expected median annual nursing-home cost, private room, 2030 (assuming 3% inflation rate).

$52,312: Median annual income from all sources for individuals who are 65 or older.

20%: Median increase in household wealth over a nine-year period for married people ages 70 and over who did not require long-term care.

-21%: Median decrease in household wealth over a nine-year period for married people ages 70 who had a long-term-care need.

What about Care-Givers?
- - (they pay a price, too!)

41 millionThe number of people providing unpaid care for family members in the United States, 2015.

16 million: The number of people providing unpaid care for someone with Alzheimer's or other dementia.

16.8%: Percentage of Americans providing care to someone over age 50, 2020.

$470 billion: The estimated dollar value of long-term care provided by unpaid caregivers, 2013.

7.1: Average number of potential caregivers for every person age 80-plus, 2010.

4.1: Expected average number of potential caregivers for every person age 80-plus, 2030.

69.4: Average age of care recipient.

49.2: Average age of caregiver.

62.3: Average age of spousal caregivers.

34%: Percentage of caregivers who are age 65 or older.

Greater than 75%: Percentage of caregivers who are female.

Greater than 33%: Approximate percentage of caregivers for people with Alzheimer's or other dementias who are daughters.

25%: Approximate percentage of caregivers for people with Alzheimer's or other dementias who are "sandwich generation" caregivers, providing care to children as well as older adults.

14.5%: Percentage of caregivers who reported experiencing 14 or more mentally unhealthy days in the past month. (Mentally unhealthy is defined as stress, depression, and problems with emotions.) 

17.6%: Percentage of caregivers who reported experiencing 14 or more physically unhealthy days in the past month.

40.7%: Percentage of caregivers who reported having two or more chronic illnesses. 

33.0%: Percentage of caregivers who reported having a disability.

36.7%: Percentage of caregivers who reported getting insufficient sleep.

56.2%: Percentage of unpaid caregivers reporting anxiety or a depressive disorder during the COVID-19 pandemic.

34.7: Average number of hours per week worked by unpaid caregivers who have jobs in addition to caregiving.

70%: Percentage of caregivers who suffered work-related difficulties because of their caregiving duties.

10%: Estimated percentage of older adults who have suffered from some form of elder abuse.

7%: Estimated percentage of elder-abuse cases that are reported to authorities.

Cost of LTC Services in YOUR Home Town?

Drill down to your specific area!

Explore the GENWORTH COST OF CARE CALCULATOR!

The world’s population is aging at a faster rate than ever before and people are living longer. Every day until 2030, 10,000 Baby Boomers will turn 65 and 7 out of 10 people will require long term care in their lifetime.

The cost of that care varies based on care setting, geographic location of care and level of care required, among other things. Using Genworth’s Cost of Care Survey tool below, you and your family can calculate the cost of long term care in any local area in the US. Understanding what the median cost is today is a first step to helping you plan for it.

Check out more videos from other industry experts!

The Good the Bad and the Ugly of Long Term Care

Dan Casey gives a brief overview of who needs long term care insurance and strategies to get it without paying a premium or going through underwriting

Long Term Care 101

Published by Life Happens, this one is short and sweet!

I highly recommend so much more great education at their site LifeHappens.Org

How Much Does Long-Term Care Cost?

Motley Fool Answers, brings in a special guest to help them guide their listeners: Dr. Jean Accius, VP of Independent Living and Long-Term Services and Supports at AARP.

There for Generations

One family's success making sure their mom could live her life in dignity.

LET'S GET ACADEMIC!
Detailed reports for the Deep Divers!

Managing Long-Term Care Spending Risks in Retirement

Some explanation of the benefit and how will it help the customer and what value it brings.

Managing Long-Term Care Spending Risks in Retirement

Some explanation of the benefit and how will it help the customer and what value it brings.

Managing Long-Term Care Spending Risks in Retirement

Some explanation of the benefit and how will it help the customer and what value it brings.

What Are The 4 Primary Methods to Pay for Long-Term Care?

Bruce Explains:.

Find out more about each

Self-Insure

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Asset Based LTC Insurance

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Discounted Home Health Care

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START with this complete seminar with BRUCE!

A discussion of the risks and costs for specific long-term care coverages.

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