Part 1: Navigating Long-Term Care Costs

Long-term care (LTC) is becoming an unavoidable reality for millions of Americans. As we age, the likelihood of needing some form of long-term care increases significantly. However, financial preparation for this stage of life is often lacking. According to LongTermCare.gov, nearly 70% of people turning 65 today will need some type of long-term care in their remaining years, yet only a fraction have adequately planned for these expenses. Genworth’s Cost of Care Survey highlights the reality: the median annual cost for a private room in a nursing home in 2023 was over $100,000, and these costs are only projected to rise. This disconnect between awareness and preparation represents a looming crisis for many families.

The Urgency of Addressing Long-Term Care Costs

With the Baby Boomer generation entering retirement in large numbers and the average lifespan increasing, the demographic landscape is shifting dramatically. Economic pressures, such as rising healthcare costs and inflation, further complicate the situation, placing an enormous strain on both individual households and public resources. State and federal governments are beginning to recognize the unsustainable burden of LTC costs on Medicaid and other public resources. For example, Washington State has implemented the WA Cares Fund, a public long-term care insurance program, and other states, including California and Minnesota, are exploring similar initiatives. These measures, while arguably necessary, are not enough. A comprehensive and proactive approach to long-term care is essential to reduce strain on public resources and prevent financial crises for countless families.

CAN and Waterlily: Expanding Support for Families

Caregiver Action Network (CAN) and Waterlily deeply understand the challenges families face when navigating the complexities of long-term care planning. Together, we’re committed to ensuring families can provide the best possible support for their loved ones without sacrificing their financial security.

As the CEO of Caregiver Action Network, my journey with long-term care planning has been both personal and professional. When my mother faced health challenges, I realized how easy it is to underestimate the care required and the associated expenses, even for someone with experience in aging services. My family had discussed long-term care loosely, but without a formal plan, we were fortunate to find the right support. This experience solidified my commitment to working with CAN to ensure that caregivers, like myself, have access to the information and resources they need to make informed financial decisions for their loved ones. It also fuels our partnership with Waterlily, providing caregivers with a holistic, accessible approach to long-term care planning so that no family has to navigate these challenges unprepared.

As the CEO of Waterlily, long-term care planning is also deeply personal for me. At 16, I faced caregiving when my aunt, who helped raise me, was diagnosed with terminal cancer. My family was unprepared for the emotional and financial devastation that followed. Watching my aunt suffer while navigating the complexities of her care and financial responsibilities prompted me to shift my career from aerospace engineering to healthcare. This personal tragedy became the foundation of my life’s work and ultimately led to the creation of Waterlily.

At Waterlily, we use AI to predict long-term care needs and provide families with clear, actionable steps to prepare for the future. By partnering with CAN, we aim to bridge the gap between awareness and preparation, empowering caregivers with the tools, resources, and confidence they need to navigate the complexities of aging.

Read Part 2 of this series, where we will explore the current reality of aging and long-term care planning in more depth.

Next Steps:

• Be sure to read Part 2 of this series: The Realities of Aging and Gaps in Long-Term Care Planning and Part 3: Navigating Long-Term Care Costs
• Secure Your Spot: November’s special access to Waterlily’s innovative care planning tool saw strong community interest. While this offer has concluded, we’ll reopen free access sponsored by CAN again soon. To receive an invitation to use Waterlily’s AI-powered platform to predict your care needs, protect your family’s finances, and create a personalized care plan, sign up now.

By: Marvell Adams, CEO of Caregiver Action Network
Lily Vittayarukskul, Co-founder and CEO of Waterlily