Even among the healthiest older adults, a 75% chance exists that one partner will require a significant level of long-term care as he or she ages, according to a new Healthview Services report. The data show a 25% probability that both partners could end up needing a skilled nursing facility or an assisted living community or require at least 44 hours per week of skilled at-home healthcare.
“Although Americans may be more aware of long-term care as an issue, most choose to roll the dice when it comes to these expenses. Providing cost and probability of care data is a powerful starting point for LTC planning discussions between advisors and clients,” Ron Mastrogiovanni, CEO of HealthView Services, said in a statement.
According to Healthview Services, a 44% possibility exists that an average, healthy 65-year-old man could live to be 87 and require some sort of long-term care during those years. At current rates, he would pay on average $123,881 for an expected 660 days of care This amount excludes Medicare premiums and copays.
A healthy 65-year-old woman faces a 56% probability of needing long-term care before reaching age 89. According to the report, her average duration of care would be 992 days and would cost $183,841 at current rates.
“LTC is a high-probability and high-cost event that needs to be planned for,” Mastrogiovanni said. “Couples, whether heterosexual or same-sex, need to develop a plan with a financial professional to ensure that if one partner requires LTC, the surviving spouse’s needs can also be met. For women, who tend to live longer than men and are on average 2.3 years younger than a male spouse, this is a particularly acute issue.”