Development of high-end senior living products and services may be increasing, but data shows four in 10 wealthy individuals still aren’t prepared for the costs of long-term care.
In the event that long-term care is ever needed, nearly one-quarter (23%) of the cohort expects to live in a luxury assisted living facility, according to the 2015 U.S. Trust “Insights on Wealth and Worth” survey, which polled 640 individuals with at least $3 million in investable assets.
Not surprisingly, more than half of the survey respondents expect to age in place with care provided either by family (22%) or private home health care providers (32%).
However, among those who expect private health care or to live in a luxury assisting living facility, nearly 40% have not prepared for the costs of the two options.
In a breakdown of the data, U.S. Trust reports that 56% of respondents are financially prepared for the costs of in-home care, while the same percentage is prepared for the costs of luxury assisted living. Still, nearly four in 10 are not.
Other respondents indicated if long-term care is needed, they would move from their current home to be close to family members (8%), move in with children or other family members (2%) and have children or other family members move from their home to be close to them (2%).
Access the survey findings here.
Written by Emily Study