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The Cost of Long Term Care

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The Cost of Long Term Care

Genworth launched its ninth annual Cost of Care Survey recently which reveals the cost of long term care services in each state.

Their research shows that 70% of people 65 and older will need long term care services at some point in their lifetime. While it’s true that many insurance companies, ( Metlife, John Hancock and Prudential, to name a few), have either scaled down their policies dramatically or exited the long term care business entirely, long term care insurance remains an important factor in protecting Americans financial future.

The Cost of Care site allows you to compare costs by location or calculate future long term care costs.  Genworth has even developed an App that can be downloaded to your smart phone.

For instance, the cost of hiring a home care aid in New York runs about $125 per day. Whereas, nursing home care in today’s dollars will cost you over $300 per day. Most people think that long term care only impacts seniors but Genworth’s study shows that 40% of people currently receiving long term care services are ages 18 to 64.