Long Term Planning – The Athena Team

ARE YOU A

LONG-TERM WARRIOR?

In retirement, health and wealth go hand in hand. You need a long-term care strategy that fits your future.

BY THE NUMBERS

Understanding the True Cost of Long-Term Care

Going without a long-term care protection strategy could result in both financial and emotional ramifications. These are some of the impacts an unexpected health event could have to your pocketbook and your caregivers in retirement.

1 Nationwide Financial. “Compare Long-term Care costs from state to state. https://nationwidefinancialltcmap.hvsfinancial.com/ Accessed Feb. 19, 2024 | a Based on the costs per metro region | b Based on 44 hours per week by 52 weeks | c Based on average daily rates multiplied by 365 days per year

According to the Nationwide Financial¹, by 2025, the national average cost for these services is predicted to be:

$62,700

Assisted Living

$63,487

Home Care

$79,381

Informal Care

$117,495

Nursing Home

EMOTIONAL

According to the Genworth Beyond Dollars Study² (2021), the percentage of family members providing care who affirmed the following:

²Genworth. Nov. 16, 2021. “Beyond Dollars 2021.” https://pro.genworth.com/riiproweb/productinfo/pdf/682801BRO.pdf. Accessed April 10, 2023.

55%

Lost income as a result of caregiving

51%

Reported that providing care negatively affected their ability to satisfy the requirements of their employment

51%

Suffered impact to their personal health and well-being as a result of providing care

42%

Experienced negative physical side effects such as depression

42%

Reported a reduction in their base quality of living in order to pay for care

66%

Used their own savings and retirement funds to provide out-of-pocket financial assistance.

NOW’S THE TIME FOR A HEALTHY CONVERSATION

There’s a very real possibility you will need long-term care services during retirement. One difficult talk today could help save you and your loved ones years of heartache and financial hardship.

Don’t Let “What If?” Become “What Now?”

It’s estimated that as many as 7 in 10 Americans age 65 and older will need some type of long-term care.³ This complimentary guide can help you understand possible costs and solutions, including:

Strategies to help protect your potential caregiver from financial burden
Estimated increases in long-term care costs
The true impact of long-term care

³Barbara Marquand. NerdWallet. Jan. 13, 2022. “Long-Term Care Insurance Explained.” https://www.nerdwallet.com/blog/insurance/long-term-care-insurance/. Accessed April 10, 2023.

READY TO DEFEND YOUR LIFE’S LEGACY?

It’s never too early or too late to expect the unexpected — so you can
enjoy life on your terms. For more information about how we can help
defend your retirement dreams, schedule your no-obligation consultation.

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