Every year, a cost of care study is produced to better inform Long-Term Care (LTC) recipients, their families, insurers, and advisors as they plan for future care needs, or evaluate appropriate planning options.  The Cost of Care Study examines the range of charges made and the average cost of LTC services provided in the home, in an assisted living facility, in a nursing home, and in adult day care centers nationwide, covering more than 190 Metropolitan Service Areas (MSAs).   

Since its introduction, the Cost of Care Study has become the gold standard to provide accurate and current pricing for the cost of LTC throughout the country and across the spectrum of care.  Nationwide Financial provides an excellent tool to access that Cost of Care data and you can find it here:  Nationwide Cost of Care

The cost of care is essential on a macro level, but engaging clients with this information can be challenging because it does not tell you how much care a client will need or where/how that care will be delivered.

While there are statistics for the "average" need for care, there's simply a better way. Before or when you discuss the convergence of health and wealth with clients, your best plan of action is to create a customized projection of a client's need for care. For that, we recommend a Health Analysis & Longevity Optimizer Assessment, or HALO Assessment, which can be found here.

The complete HALO Report we provide is an excellent starting point for discussing your clients' projected LTC Planning needs. It allows you to provide data-driven, customized LTC Potential solutions to address those needs.

Click on any image below to better understand the cost of Long-Term Care and the need for planning....