In Hampton Roads, the cost of growing old is rising. Experts say people who are banking on Medicare to cover the long-term care many seniors eventually need are shocked when they’re suddenly left paying out of pocket.
Medicare typically pays for short-term rehabilitation after a hospital stay, but not for ongoing help with daily needs like meals, bathing, or mobility.
A new analysis by CareScout, which surveys long-term care costs nationwide, estimates that hiring in-home care in Hampton Roads now costs roughly $66,000 a year, while assisted living runs about $72,000.
For those who need nursing home care, that figure jumps to $114,000 annually — more than Virginia's entire median household income.
Matt Turner, CareScout’s chief operating officer, says those expenses often take families by surprise and can quickly drain savings.
“It is a false sense of security, that they think that the insurance coverage that they have is going to pay these bills, and in reality it is not, and they're going to have to use their other financial assets,” Turner said.
By 2030, Virginia is projected to have 2.2 million residents aged 60 and older. In Hampton Roads alone, there are already 364,170 adults aged 60 and older, or about 23% of the region’s population, according to 2022 data from the University of Virginia’s Weldon Cooper Center for Public Service.
Yet Turner pointed out only about 4% of Americans have long-term care insurance, leaving many families financially unprepared.
Dana Parsons is the vice president with LeadingAge Virginia, which coordinates aging care groups in the state. She warned that upcoming changes to Medicaid and SNAP could also make it harder for low-income older adults to get essential care, food and support.
She said funding cuts or tighter eligibility rules could strain families and providers already dealing with staffing shortages and rising costs.
“Ensuring the continued strength of Medicaid and SNAP will be critical to maintaining stability and quality of life for older adults and those who care for them in Hampton Roads and throughout the Commonwealth,” Parsons said in an emailed statement.
Turner said planning ahead, through savings, family discussions, or long-term care insurance, is the best way to avoid financial strain later in life.
According to the National Council on Aging, there are several types of long-term care insurance available.
Standalone policies provide direct coverage for services such as home care, assisted living, and nursing homes.
Long-term care riders can be added to existing life insurance or annuity policies, allowing people to use part of their death benefit to pay for care.
Linked-benefit policies combine both features, offering long-term care coverage along with a guaranteed death benefit.
For veterans and their spouses in Virginia, the U.S. Department of Veterans Affairs offers several long-term care options that can help reduce out-of-pocket costs.
Services range from home health aides and adult day health care to assisted living and nursing home care, depending on eligibility and medical need.
