Watching Your Wallet: Planning for long-term care

FRESNO, Calif. (KFSN) -- It's an often overlooked, yet incredibly communal fiscal load -- Long-Term Care.

"It was financially devastating to recognize accepted wellness security doesn't screen immoderate signifier of this care, extended car,e and we had to instrumentality connected that attraction ourselves," says Waterlily co-founder and CEO, Lily Vittayarukskul.

Vittayarukskul created the AI readying level that projects your aboriginal semipermanent attraction needs aft she was faced with navigating however to attraction for her aunt, who was diagnosed with terminal-stage colon cancer.

"That acquisition made maine incredibly empathetic to what families really spell through," she said.

According to the U.S. Department of Health & Human Services' Administration connected Aging, the mean 65-year-old has an astir 70% accidental of needing immoderate benignant of semipermanent attraction astatine immoderate point, and 20% volition request specified attraction for much than 5 years.

"There are truly 2 pieces to readying for semipermanent care, which is the attraction that you privation and the costs associated, and however you privation to lick for that cost," Vittayarukskul said.

According to a Cost of Care survey conducted by CareScout and its genitor company, Genworth, the nationalist outgo for a Home Health Aide successful 2024 was astir $34 per hour.

That aforesaid survey recovered the yearly nationalist median outgo for a backstage country successful a nursing location is adjacent to $128,000.

That fig drops to $70,800 for assisted surviving installation attraction services.

Those costs alteration depending connected the benignant of security coverage, if any.

"With a elemental three-minute intake survey, we're capable to program decades successful beforehand what immoderate individual's semipermanent attraction needs are going to look like," Vittayarukskul said.

Waterlily factors successful respective variables, including sociodemographic factors, financials and household history.

You tin find resources for ways to screen semipermanent attraction costs astatine the National Institute connected Aging website.

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