The world’s population is aging at a faster rate than ever before. People are also 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.
Because the U.S. population continued to grapple with the COVID-19 pandemic in 2021, the national median costs associated with all long-term care service providers increased over the last year. For one thing, care providers increased their use of personal protective equipment (PPE) and enhanced their protocols and trainings to meet safety guidelines and expectations. Costs associated with those measures, as well as compliance with guidelines and regulations, contributed to rate increases this past year.
The cost of long-term 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, you and your family can calculate the cost of long-term care across the United States.
Understanding what the median cost is today is a first step to helping you plan for it.
Since 2004, Genworth has tracked the cost of long-term care services nationwide and has seen the rates increase. The CareScout® research team conducts the survey in 435 cities and towns across all 50 states every year.
Calculate the cost of care specific to your area at Genworth, where you can customize the planning tool to see costs by hour, day, month or year. You can also estimate future costs by decade up until 2071.
Let Envisage help you envision a future that addresses potential long-term care needs. To learn more, register HERE for one of our virtual or in person informational seminars. The sooner you start tackling questions, the earlier you’ll gain a better understanding of what is possible for the future and how to prepare for it.