Wealth_Preservation_Flipbook_2022

An Expensive Possibility Long-term care costs vary among different facilities and from state to state. Wherever you live, you may want to address the potential for long-term care costs in your estate plan. Source: 2020 Cost of Care Survey, Genworth Financial, Inc. (data based on median annual cost of a private room in a nursing home; most current data) $98,550 Ohio $76,650 Texas $117,804 Florida Long-Term Care Long-term care may be needed when a chronic condition or illness limits a person’s ability to carry out basic activities of daily living (ADLs) such as bathing, dressing, and eating. You may not think of long-term care as an estate planning concern, but the cost of care could quickly erode the value of your estate. Consider these statistics. • People turning 65 have a nearly 70% chance of needing some form of long-term care in their lifetimes. • The national median annual cost for a home health aide (44 hours per week) is $54,912. • The national median annual cost of a private room in a nursing home facility is $105,850. Sources: U.S. Department of Health and Human Services, 2021; 2020 Cost of Care Survey, Genworth Financial, Inc. (most current data available)