The Cost of Long-Term Care – What to Expect
The world’s population is aging at a faster rate than ever before–people are also living longer. According to recent studies, 10,000 Baby Boomers will turn 65 every day until 2030. On average, 7 out of 10 of those people will require long-term care in their lifetime.
The cost of care is also increasing, which is why now is the best time to better understand your options and plan for your future.
Genworth, a long-term care insurance company, has seen a steady increase in the cost of care since they began tracking trends in 2004. The last two years have brought additional challenges to an already complex landscape because of the COVID-19 pandemic. The main driver of such continued increase remains supply and demand.
While the cost of long-term care varies based on care setting, geographic location of care, and level of care required, other unplanned expenses also contribute to these financial obligations. On average in New Jersey, here is a general breakdown of the annual median costs for care without Springpoint Choice (based on data from the 2021 Genworth study):
Homemaker Services: $66,352
Home Health Aide: $68,526
Adult Day Health Care: $23,400
Assisted Living Facility: $77,940
Nursing Home Facility: $135,043 (semi-private room) and $145,818 (private room)
Generally, neither health insurance nor Medicare cover these expenses. Meanwhile, few Americans take the necessary steps to prepare for the often inevitable expense of a long-term care requirement. The costs (financial and otherwise) are then being passed on to those left providing the care and support. Though the thought of needing long-term care may feel like an overwhelming conversation for you or your loved ones to start, no planning should be considered complete until the topic of ongoing costs of care is addressed. Springpoint Choice can help ease that transition.
The membership program with Springpoint Choice offers an alternative to such costly long-term care insurance (or as an extra layer of stability on top of a traditional policy). Springpoint Choice provides the opportunity to stay in the comfort of your home while having easy access to quality long-term care. You’re able to preserve your financial assets while giving peace of mind to your loved ones.
Explore the advantages of Springpoint Choice
As a Springpoint Choice member, you can keep living at home and protect your financial assets while enjoying access to our Springpoint Life Plan Communities with their diverse amenities and programming. If you need additional support, your personal care navigator will help you access it–whether it’s at home or within one of our nearby communities–without the costly waiting period that many long-term care policies require. Contact us to explore whether this membership-based program is right for you.