Studies show that people are living longer. As a result, more than 70 percent of the aging demographic of 65 years and over, at one point in their lifetime will need some type of long-term care. 

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According to Genworth's Cost of Care 2004-2019 report, "From 2004 to 2019, the cost of the facility and in-home care services has risen on average from 1.71% -3.64% per year. That is an increase of $829 a year for home care and up to $2,468 a year for a private room in a nursing home. Furthermore, this report notes that at this rate, there are some care costs increases that are outpacing the U.S. inflation rate of 2.1%* by almost double.

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As you age, there is a possiblity that you may become more concerned about how the financial impact a long-term care event could have on your entire savings / financial foundation. Furthermore, as rates of  both in-home care and private nursing facilities increase, and by not having a traditional long-term care insurance or an alternative option in place, take into consideration the emotional as well as a financial impact that could possibly have on you and your loved one’s peace of mind. 

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