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Costs of Long-Term Care in Los Angeles Thumbnail

Costs of Long-Term Care in Los Angeles

Long-term care is said to be a woman’s issue. Even if she is married, odds are she will outlive her spouse and will have to endure long-term care costs on her own.

Long-term care is one of the trickiest topics in financial planning. The potential costs are quite high, yet the available insurance products leave something to be desired.

Someone turning age 65 today has about a 70 percent chance of needing some type of long-term care during their lifetime. While one-third may never need long-term care, 20 percent will need it for longer than 5 years. The average length of time people need long-term care services is 3 years.

According to Genworth, In the Los Angeles area, the average cost for 3 years of long-term care is $380,514 ($126,838 per year) at 2020 rates. That cost is projected to be $687,252 ($229,084 per year) in 2040.

The big question is whether those who need help will have the resources available either in terms of family or friends to receive informal support or sufficient finances to pay for formal support.

If you have questions about how your financial plan addresses your long-term care needs or if you don’t have a plan at all, feel free to contact me at 310 370-7776.

About Angela

Angela Dorsey is the founder and financial advisor at Dorsey Wealth Management, a fee-only financial planning firm based in Torrance, California, helping women prepare for retirement. Angela earned a BS in computer science from Loyola Marymount University, an MBA from UCLA Anderson School of Management, and spent 20 years as a Senior Compensation Specialist in large corporations before becoming a CERTIFIED FINANCIAL PLANNER™ professional and a Registered Investment Advisor (RIA). That background gave her the tools to couple with her passion for empowering women to make the best financial decisions possible. Angela lives in Torrance, California, with her husband. She enjoys spending time at the beach or surrounded by nature. To learn more about Angela, connect with her on LinkedIn.