Genworth, a financial services company that offers life and long term care insurance
products, publishes an annual state/regional survey of long term care costs. Genworth’s
annual survey for 2016 was recently published, and can be found here. This information,
which allows you to do a state by state (and region by region) comparison of long term care
costs, can be useful in anticipating and planning for long term care options.
For example, according to the Genworth survey, the monthly cost nationwide for an assisted
living facility averages $3,628/month v. $4,380/month in the Philadelphia region. The monthly
cost nationwide of a nursing home (private room) is $7,698/month v. $10,646/month in the
Philadelphia region. This survey shows that long term care costs in the Philadelphia region
are significantly more than in many other regions of the United States.
Long term care is not a topic people want to talk or think about, so planning ahead for this
possibility often is ignored or deferred (“I’ll get to it someday”). However, according to the US
Health Department of Health and Human Services, about 70 percent of people 65 years of age
or older will need some long-term care services during their remaining lifetime. Simply, if you
are approaching 65 (preferably sooner), you should consider planning now for long term care
as part of your financial and estate planning.
Planning now, before you need long term care, can give you the information to determine
what options are available to you and what steps you may want to take now to ensure that
you will be able to afford long term care when you need it. What long term care options are
available? What are the costs? How will I pay for it? Will I be able to leave anything to my
family at my death if I need long term care during my lifetime?
Having this information before you need long-term care can mean more choice and control
over long term care options if and when needed, and can mean less financial and emotional
stress on you and your family.
For more information on our estate and long term care planning services for Pennsylvania
residents, please contact our office at 215-572- 8111.
S&E Attorneys &
Stern & Eisenberg is a leading, regional, full-service law firm. For over forty years, Stern & Eisenberg has built a collaborative, diverse, high-performing team environment which promotes data-driven decision-making, creates innovative opportunities, and allows for performance, operational, and technological seamlessness across its multi-state footprint. Click here to contact the S&E Value Department.