Exploring Long-Term Care Living Preferences & Planning for the Costs

Exploring Long-Term Care Living Preferences & Planning for the Costs

The costs of long-term care services are expected to continue to rise. To put those costs in perspective, consider that the median annual cost of a home health aide is $50,366, with the median annual cost of a private room in an assisted living facility being $100,375, according to Genworth Financial.1 No matter the long-term care living preference, it is clear that planning in advance is critical to meeting the costs of long-term care while preserving family finances.

Preferences for Long-Term Care Living

  • Stay at home and remain completely independent (96%)
  • Move into an assisted living facility (93%)
  • Stay at home with help from family members or personal aides (11%)
  • Move into a nursing home (1%)

Likelihood for At-Home Long-Term Care

Two-thirds of advisors say that their clients who wish to remain at home for long-term care are somewhat likely to be able to do so.

  • Somewhat Likely (67%)
  • Very Likely (22%)
  • I Don’t Know (8%)
  • Not At All Likely (2%)

3 Tips for Planning for Long-Term Care Preferences

  1. Start Planning Early

    52% of advisors say convincing clients to put a long-term care plan in place well in advance of needing it is the most complex component of planning.

    Consider working with an advisor to determine what you can do now to plan for the long term.

  2. Communicate Your Wishes

    55% of advisors say only some clients are communicating long-term care plans with their families, and 22% say hardly any are doing so.

    Establish a family financial conversation to discuss your long-term care plans and wishes.

  3. Consider the Costs

    72% of advisors say the best way to plan for long-term care cost is purchasing hybrid life insurance with long-term care riders, yet 55% of advisors say clients prefer to self-insure.

    Preserve your family wealth by taking steps now to plan for the costs of your long-term care.


Cost of Care Survey 2019 [Web Post]. Genworth Financial. Published: August 26, 2019. Accessed: October 21, 2019. https://www.genworth.com/aging-and-you/finances/cost-of-care.html.

This piece is not intended to provide specific tax or legal advice. You should consult with your own advisors about your particular situation.

Any opinions, projections, or recommendations contained herein are subject to change without notice and are not intended as individual investment advice.

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