‘It’s A Huge Problem,’ Experts Urge Gen Xers And Millennials To Plan For Long-Term Care

• The US Department of Health and Humanitarian Services says about 57 % of Americans will need long -term care at some point

• Most families have greatly reduced the potential cost of that long -term care, and do not realize that they will have to pay from the pocket of many of them.

• The total cost of long -term care can be large, exceeding $ 100,000

Long -term care costs can be important, exceeding $ 100,000, but experts tell CNBC that most families are not ready to deal with expenses.

“People are not planning it in advance,” said Caroline McLanahhan, the financial plan approved for the network. “It is a big problem.”

The 2022 report issued by the US Department of Health and Humanitarian Services and the Urban Institute says 57 % of Americans who are 65 years old will develop a serious disability enough to require long -term care. The report said that the average cost of this long -term care is $ 12,2400.

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On average, families will pay 37 % of the total cost of this long -term care of their pocket, with the rest of insurance and public programs.

“This is very clear [workers] You do not have this amount of savings in retirement, and this amount of savings in verification or savings accounts, and the majority does not have long -term care insurance. Bridge Berden CNBC said. “So where will the money come from?”

Long -term care costs vary widely, depending on where you live. However, the data collected by GenWorth and Carescout put the national average home health assistant at $ 6,483 per month and $ 5900 for a site at a living facility with help.

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However, many people greatly reduce the amount of long -term care that can cost them. A recent report of the Institute for Personnel Research found that “a large percentage of future care providers did not appreciate the costs of LTC”, and those who expected to remain less than $ 50,000. In addition, the report found that 43 % of the future care providers expect Medicare to cover the costs of long -term care, and 29 % expected medicaid to get the bill.