Today’s Costs of Long Term Care

Financially preparing for retirement is essential in order to maintain your quality of life as you age. As long-term-care costs continue to rise, having adequate money to cover any medical situations is an escalating concern. And the need for long-term care will affect the majority of Americans: 70% of people 65 years and older will need some sort of long-term care. And unfortunately, most people don’t understand (or know) who will cover their care. In fact, 2/3 of respondents in a recent survey believed that the government will pay all or most of their long-term-care expenses.[i]

To help you in your planning, here is a snapshot of the 2017 costs for today’s long-term-care needs.

  1. Nursing Home Care

Moving into a nursing home facility can provide 24/7 care for seniors who need deeper medical assistance. But having a room comes with real monthly costs that you must prepare to afford.

Median Annual Costs

  • Semi-private room: $85,775
  • Private room: $97,455[ii]

 

  1. Home Healthcare

Some people choose to stay in their homes as they age. But as independent living becomes more difficult, having in-home care to help becomes more essential. And you can pay for up to 44 hours each week for care.[iii]

Median Annual Costs

  • Homemaker services: $47,934
  • Home health aide: $49,192[iv]

 

  1. Assisted Living Facilities and Day Care

For individuals who may be a bit more independent but still need some daily care, they can find help through assisted living facilities and adult daily care programs. Your specific health and living needs will guide the best option for you and their associated costs.

Median Annual Costs

  • Adult day care: $18,200
  • Assisted living facility: $45,000[v]

 

A variety of financial strategies can help you build the savings you need to support your long-term care. One key element is to have long-term-care insurance coverage, which can help ensure that you truly have the money to support your needs later in life.

If you would like to discuss long-term-care insurance options available to you, or revisit your current coverage, we’re happy to help. Please call us at 732.702.2600 to schedule your consultation. We’re ready to assist you in building the financial strategies you need today—and every day.

 

[i] https://www.forbes.com/sites/nextavenue/2017/09/26/the-staggering-prices-of-long-term-care-2017/#155a86c82ee2

[ii] https://www.genworth.com/about-us/industry-expertise/cost-of-care.html

[iii] https://www.forbes.com/sites/nextavenue/2017/09/26/the-staggering-prices-of-long-term-care-2017/#155a86c82ee2

[iv] https://www.genworth.com/about-us/industry-expertise/cost-of-care.html

[v] https://www.genworth.com/about-us/industry-expertise/cost-of-care.html

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