Key facts
- The cost of long-term care services has risen faster than inflation over the past 30 years.
- Long-term care services include nursing homes and assisted living facilities.
- Rising costs are forcing families to make difficult financial decisions.
- Families are derailing careers due to long-term care costs.
- Savings are being depleted by long-term care expenses.
- Many individuals are unprepared for future long-term care needs.
The cost of long-term care services, encompassing nursing homes and assisted living facilities, has seen a dramatic increase that outpaces general inflation over the past three decades. This escalating financial challenge is forcing families to confront difficult decisions concerning their savings and careers. The rising expenses are depleting personal finances, leaving many individuals unprepared for their own future long-term care requirements. The trend suggests a growing crisis in affordability for essential care services, impacting a broad segment of the population as they age. Families are increasingly strained by these costs, which can derail career plans and significantly reduce accumulated savings.