Life Stage Insights

link-4088190_1280.png
letters-1132703_1280.png
smartphone-1132677_1280.png

‪(415) 598-8566‬

Abstract Glow
Long-Term Care is a Growing Worry after COVID-19

Life Stage Insights

Life Stage Insights

Long-Term Care is a Growing Worry after COVID-19

After the onset of the COVID-19 pandemic, a growing number of people are rethinking how they would want to receive long-term care, if needed, in later life, according to a new survey.

After the onset of the COVID-19 pandemic, a growing number of people are rethinking how they would want to receive long-term care, if needed, in later life, according to a new survey.¹


Long-term care can be a critically important part of retirement planning. Half (48%) of people age 65+ will require paid long-term care curing their lifetime, with a quarter (24%) of older adults receiving more than two years of paid long-term care.² Long-term care expenses can quickly drain retirement savings. The average cost of a nursing home private room is $106,000 per year, according to Genworth's national survey.


Nonetheless, most retirees have done little or no planning and preparation for long-term care. Only about one in ten retirees have any form of long-term care insurance,³ and, prior to the pandemic, half (54%) of those age 40 and older reported that they had done little or no planning for long-term care.⁴


Post-COVID, the vast majority of Americans (85%) say it is more important than ever to have a plan for long-term care.¹ Partly, this is driven by concern about health risks in later life that have been highlighted by COVID's toll among older adults. It’s also driven by concern about safety of some long-term care institutions. Four in ten (39%) of U.S. COVID-19 deaths occurred in nursing homes.⁵ Nearly half of adults (48%) worry more now about the safety of nursing homes; this is especially true for Boomers+ (57%), as compared to 43% of Millennials and 41% of Gen Xers. Almost nine in ten (87%) believe it's more important than ever for people to have the option to stay at home for long-term care.¹ 


Older adults are also very concerned about becoming a burden on family members if they do need long-term care. And, for many, COVID-19 has brought home the challenges of family caregiving. Most current caregivers feel the pandemic has made it nearly impossible for them to complete their caregiving duties as they did before (62%) and has prevented them from providing the care they once did (54%). Six in 10 current caregivers (64%) say the pandemic has impacted their financial ability to provide care.¹

leisure time2.PNG

leisure time2.PNG

leisure time2.PNG

leisure time2.PNG

Watch Video
Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

information_button_symbol_800_clr_6174.p
I would like to learn more about...

How to prepare for long-term care

Best options for receiving long-term care, if needed

How to prepare for family caregiving

Enter

Thank you. Your inquiry has been sent.

Please enter your contact information

magnifying_glass_800_clr_16614.png
What is My Life Stage?

Explore your life stages and events to help uncover your financial planning needs.

Get Started
About us

Life Stage Insights is the turnkey lead generation, relationship-building, client discovery, and wow factor solution for financial advisors. Learn more at www.lifestageinsights.com

references
Disclosures

This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.

More from Life Stage Insights
Gen Xers Slammed by Inflation

Gen Xers Slammed by Inflation

One in five retirees looking to return to work due to inflation

One in five retirees looking to return to work due to inflation

Should you combine investment accounts when you get married?

Should you combine investment accounts when you get married?

Two-thirds of 401(k) plan participants view themselves as savers, not investors

Two-thirds of 401(k) plan participants view themselves as savers, not investors

Retirees on Social Security Beginning to Struggle

Retirees on Social Security Beginning to Struggle

Financial strategies for newlyweds

Financial strategies for newlyweds

Four steps to achieve a more secure retirement

Four steps to achieve a more secure retirement

Retirement Planning: Moving From Concepts to Specifics

Retirement Planning: Moving From Concepts to Specifics

Inflation having widespread impact on financial planning

Inflation having widespread impact on financial planning

How can siblings navigate caregiving for parents?

How can siblings navigate caregiving for parents?

Most Americans ‘completely lost’ when it comes to health insurance

Most Americans ‘completely lost’ when it comes to health insurance

Having a Guaranteed Income Can Improve Your Health and Happiness

Having a Guaranteed Income Can Improve Your Health and Happiness