Understanding The Cost of Care
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.
On a macro level, the cost of care is important, but engaging clients with the information can be challenging because it can't tell you how much care a client will need or where/how that care will be delivered.
While there are statistics for "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, and for that, we recommend a HALO, or Health Analysis & Longevity Optimizer, found here.
A completed HALO provides a starting point to discuss your clients' projected LTC Planning needs and 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.