In this episode, Wade and Alex discuss the costs and prevalence of long-term care. They explore the probabilities of needing long-term care and the average lengths of care for men and women. They also differentiate between any long-term care needs and paid long-term care needs. The conversation provides insights into the importance of planning for long-term care and highlights the need for realistic expectations and budgeting. This conversation explores the financial implications of long-term care, including the distinction between unpaid and paid care. It highlights the impact of unpaid care on caregivers' lives and the need for paid care. The discussion also delves into the gender differences in long-term care needs and the higher costs associated with women. The Genworth Cost of Care Study provides insights into the average costs of various long-term care options. The conversation emphasizes the importance of considering inflation and demographic trends when planning for long-term care expenses.
00:00 Introduction and Personal Updates
05:12 Probabilities and Length of Long-Term Care Needs
10:32 Probability and Length of Any Long-Term Care Event
18:59 Unpaid Care vs. Paid Care
19:37 The Financial Impact of Unpaid Care
20:23 The Cost of Paid Long-Term Care
21:11 Lower Probability of Needing Paid Care for Longer Durations
22:18 Long-Term Care Needs and Gender
23:08 The Impact of Unpaid Care on Women
24:05 Lifetime Expenditures for Long-Term Care
25:18 Inflation and Long-Term Care Expenses
26:35 Triggers for Long-Term Care Needs
28:18 Gender and Long-Term Care Planning
29:01 Genworth Cost of Care Study
31:05 Inflation Rate for Long-Term Care Expenses
32:02 The Progression of Long-Term Care Needs
33:27 State-by-State Differences in Long-Term Care Costs
38:01 Considering Alternative Care Options
39:46 The Growing Need for Long-Term Care
Links
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