Have questions about a long-term care policy you purchased previously through USAA before 2018? View Details (Opens popup)
Understanding Long Term Care
Video Transcript: Understanding Long Term Care
Video Duration: 1 minute 54 seconds
Transcript Date: March 20, 2024
What's long term care: Elapsed time 0 minutes 0 seconds [00:00]
Most Americans will need long-term care at some point in their lives. As we age, everyday tasks like dressing, bathing and eating can become challenging. That's when we might need help from nurses, home health aides or nursing facilities. This type of support is known as long-term care
Plan: Elapsed time 0 minutes 16 seconds [00:19]
The cost of a full-time home health aide or a private room in a nursing home can be more than what many people can afford. The costs of these services keep rising every year and medical insurance or Medicare usually won't cover these costs.
Creating a plan to help cover these potential expenses can make it less challenging for you and your family.
Communicate with family: Elapsed time 0 minutes 39 seconds [00:39]
Most often, family members, especially children, step in to provide care. Family support is important and it's helpful to have open conversations with your loved ones about your plans. This can help make it easier when the need for long-term care arises.
Being a caregiver can be emotionally and financially stressful. Many struggle to pay their own bills, dip into savings or can't save for their own future or retirement.
Relying solely on personal funds to cover long-term care can become a burden. It's important to think about it as a financial tool. Insurance companies offer different products that can help make long-term care more affordable.
Your next steps: Elapsed time 1 minute 18 seconds [01:18]
So, what's your next step? Work with a financial professional to help you create a plan for the future and explore different insurance options.
Have the discussion with your family. It may not be easy, but it'll make a difference when you or your loved ones need long-term care.
USAA believes that everyone should have a plan for managing their long-term care needs. We can help review your options and help you make the best decision for your needs.
Call 800-531-1426 to speak with a specialist who can review your options and help you make the best decision for your needs.
End: Elapsed time 1 minute 54 seconds [01:54]
Why should I consider long-term care protection?
If you don't have long-term care protection, your out-of-pocket costs could be expensive. And you may run the risk of depleting your hard-earned savings.
National Average Costs for Long-Term CareSee note1
Scroll table sideways for additional Info
| Service | Annual Cost | Rates |
|---|---|---|
| Nursing Home: Semi-Private Room | $93,075 | $255 Daily |
| Assisted Living Facility | $51,600 | $4,300 Monthly |
| Home Health Care Aide | $54,912 | $24 Hourly |
| Adult Day Care | $19,240 | $74 Daily |
Not only does long-term care protection help give you and your family more freedom when choosing care options, it also helps to protect your money and assets.
Long-Term Care Facts
89% of caregivers provide care for a relative or other loved ones, such as a spouse.1
An estimated 6.7 million Americans age 65 and older are living with Alzheimer's dementia in 2023.2
70%: Percentage of people turning age 65 who will develop a severe long-term-care need in their lifetimes.3
Prepare for the long term with confidence.
Our specialists can help you create a plan to fit your needs and financial situation.
Call 800-531-1426 to speak with a specialist. Hours of operation at USAA (opens popup)