Understanding long-term care
Understanding long-term care
Video Duration: 1 minute 54 seconds
What's long term care: Elapsed time 0 minutes 0 seconds [00:00]
Most Americans will need long-term care at some point in their lives. As we age, everyday tasks like dressing, bathing and eating can become challenging. That's when we might need help from nurses, home health aides or nursing facilities. This type of support is known as long-term care.
Plan: Elapsed time 0 minutes 16 seconds [00:19]
The cost of a full-time home health aide or a private room in a nursing home can be more than what many people can afford. The costs of these services keep rising every year and medical insurance or Medicare usually won't cover these costs.
Creating a plan to help cover these potential expenses can make it less challenging for you and your family.
Communicate with family: Elapsed time 0 minutes 39 seconds [00:39]
Most often, family members, especially children, step in to provide care. Family support is important and it's helpful to have open conversations with your loved ones about your plans. This can help make it easier when the need for long-term care arises.
Being a caregiver can be emotionally and financially stressful. Many struggle to pay their own bills, dip into savings or can't save for their own future or retirement.
Relying solely on personal funds to cover long-term care can become a burden. It's important to think about it as a financial tool. Insurance companies offer different products that can help make long-term care more affordable.
Your next steps: Elapsed time 1 minute 18 seconds [01:18]
So, what's your next step? Work with a financial professional to help you create a plan for the future and explore different insurance options.
Have the discussion with your family. It may not be easy, but it'll make a difference when you or your loved ones need long-term care.
USAA believes that everyone should have a plan for managing their long-term care needs. We can help review your options and help you make the best decision for your needs.
Call 800-531-1426 to speak with a specialist who can review your options and help you make the best decision for your needs.
End: Elapsed time 1 minute 54 seconds [01:54]
Long-term care facts
Most of us will need long-term care at some point in our lives. From In-home skilled nursing to various facility types, long-term care can have significant costs to plan for.
89%
Number of caregivers providing care for a relative or other loved one, such as a spouse See note 1
6.7 million
Estimated number of Americans age 65 and older living with Alzheimer's dementia in 2023 See note 2
70%
Number of people turning age 65 who will develop a severe long-term-care need in their lifetimes See note 3
How life insurance can help with long-term care expenses
Our guide can help you understand how a long-term care rider can meet your needs and fit into your retirement strategy. It also includes things to consider before buying and a checklist to help get you started.
Questions about an existing policy? We’re here to help.
Call 800-531-1426
For TTY devices, dial 711
Hours
Why should I consider long-term care protection?
Long-term care costs are estimated to rise. Here are the national average costs for some services. See note 1 With protection, you help safeguard the savings you or a family member worked so hard for.
Service |
Nursing home semiprivate room |
|---|---|
Yearly cost
|
$93,075 |
Rates |
$255 daily |
Service |
Assisted living facility |
Yearly cost
|
$51,600 |
Rates |
$4,300 monthly |
Service |
Home health care aide |
Yearly cost
|
$54,912 |
Rates |
$24 hourly |
Service |
Adult day care |
Yearly cost
|
$19,240 |
Rates |
$74 daily |
Why should I consider long-term care protection?
Long-term care costs are estimated to rise. Here are the national average costs for some services. See note 1 With protection, you help safeguard the savings you or a family member worked so hard for.
| Service | Yearly cost
|
Rates |
|---|---|---|
Nursing home semiprivate room |
$93,075 |
$255 daily |
Assisted living facility |
$51,600 |
$4,300 monthly |
Home health care aide |
$54,912 |
$24 hourly |
Adult day care |
$19,240 |
$74 daily |
Long-term care costs are estimated to rise. Here are the national average costs for some services. See note 1 With protection, you help safeguard the savings you or a family member worked so hard for.
| Service | Nursing home semiprivate room |
|---|---|
| Yearly cost
|
$93,075 |
| Rates | $255 daily |
| Service | Assisted living facility |
| Yearly cost
|
$51,600 |
| Rates | $4,300 monthly |
| Service | Home health care aide |
| Yearly cost
|
$54,912 |
| Rates | $24 hourly |
| Service | Adult day care |
| Yearly cost
|
$19,240 |
| Rates | $74 daily |
Prepare for the long term with confidence.
Our specialists can help you create a plan to fit your needs and financial situation. Schedule a call or call now.