Greetings, and welcome to another edition of our “Staying Connected” email series. In this issue, we wanted to share a video to help start conversations – with your clients, but also your own family.
The potential need for long term care is a topic most people would rather avoid. But not talking about it doesn’t make the issue go away. It only delays planning and leads to potential confusion and financial impact for not just those who may need care, but their family and friends. The reality is that seven out of ten people over the age of 65 will require long term care at some point.1 That statistic is likely not surprising to you, but for many Americans, it is shocking.
In this video, Genworth conducted a social experiment where we asked real people seven questions to get them thinking and talking about long term care planning. See how these families answered both the easy questions, but also the hard ones.
Please keep in mind that this video was filmed in 2019, using 2018 cost of care figures. The cost of care for all types of long term care have risen since then. On a percentage basis, the cost of in home health care has risen more than other types of long term care. For the most current cost of care figures, please visit Genworth.com/aging-and-you/finances/cost-of-care.
To view more resources on starting the conversation about long term care, visit the Aging & Your Family section of Genworth.com.
1 2020 U.S. Department of Health and Human Services (https://acl.gov/ltc/basic-needs/how-much-care-will-you-needopens in new window). Site accessed 04/19/21.