A report recently issued by HealthView Services, “Long-Term Care & Financial Planning,” summarized the likelihood that individuals will require long-term care (LTC) and the expected costs associated with such care. The study indicates that a healthy 65-year-old male/female couple has a 44% and 56% chance (respectively) of needing some level of LTC if each spouse attains their actuarial life expectancy. Combined, there is a 75% chance that at least one of them will require LTC.
The report also projected the future cost of LTC. Taking the same 65-year-old male/female couple, if they both only needed one year of LTC, their projected combined (national average, future value) costs are estimated at $398,000 for a nursing home or $223,000 for 44 hours of weekly home health care.