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Family members and friends often provide unpaid eldercare – but it typically falls on adult children.
Duration of paid care varies, but when used, 36% of men and 41% of women need it for five years or more. The lifetime cost of care averages $277,900 for women and $200,400 for men, although there is a wide range of outcomes.
A care plan may help individuals avoid burdening others, ensure their family understands their wishes, and allow them to have more control over their care.
Related: The Largest Wave of New Retirees in History Is on the Horizon
Source: Long-term care includes needing help with two or more activities of daily living such as eating, dressing, bathing, transferring, and toileting or severe cognitive impairment. Average of cost is in 2020 dollars and includes all payors.
Source: U.S. Department of Health and Human Services, APSE Brief, August 2022, “Long-term Services and Supports for Older Americans,” Risks and Financing, 2022; “Retirement Security, Some Parental and Spousal Caregivers Face Financial Risk,” May 2019, Figure 1. Latest data available as of December 31, 2022.