The current statistic is that if you are turning 65 today, you have a 70% chance of needing a long-term care facility. Beyond that:
- The average person receives care for 3-4 years in long-term care
- In Northern Virginia, the cost of long-term care ranges from $7,000-$14,000/month. Over 3 years, this could potentially cost $252,000.
It’s not just the consumption statistics that are increasing. I recently found an article discussing the 10 fastest growing jobs of the next decade (from the Bureau of Labor and Statistics), they are as follows:
10) Speech-language pathologists: The expectation is that as baby boomers grow older and have experiences with strokes and dementia, they will have great need for speech pathology.
9) Nurse Practitioners
7) Physician Assistants
6) Information Security Analysts
5) Occupational Therapy Assistants
4) Personal Care Aides
3) Home Health Aides
2) Wind Turbine Service Technicians
1) Solar photovoltaic installers
So, besides telling a young person in your life to look at wind or solar energy jobs, this shows that it is not just the demand side of elder care that is growing, but the supply side as well (with 6/10 top growth jobs being health care where 5 of the 6 are specific to elder care).
Ultimately, if you are over 50 and have not had a conversation with your financial advisor about your long-term care plan, I encourage you to make that call today. There are new, affordable products that can help provide long-term care coverage if needed. There are strategies to consider if you don’t have coverage, and you certainly want to do everything possible in order to not self-fund long term care to the tune of $250-500,000.