The True Cost of Long-Term Care
The cost of long-term care is something many have warned you about. The cost varies depending on several factors such as the type of care needed, the length of time care is required, and the location of services. However, while the cost of long-term care can be astronomical, few have anything in place to cover this type of care.
According to the Genworth Cost of Care Survey, the national median cost for a private room in a nursing home was $105,850 in 2021. The cost for a semi-private room was slightly less at $94,825 per year. In-home care services can be less expensive, but it still adds up. Home health aides cost an average of $54,912 per year, while homemaker services cost $53,768 per year.
Assisted living facilities are another option for long term care, and their costs vary depending on the services provided. The national median monthly rate for assisted living was $4,300 in 2021, which amounts to $51,600 per year.
Again, it’s important to note that these costs can vary significantly depending on the location of care services. For example, in some states, the cost of long-term care can be twice as expensive as it is in others.
Now that you know you may need it- few know how to come up with the funds to cover it. Turns out, it is often cheaper than many think. Check out my article on Covering Long-Term Care in Retirement to learn more about the different avenues to covering this type of care.
Overall, long-term care can be a significant expense for individuals and families. It’s important to plan ahead and consider the different options. Waiting too long can cost you hundreds of thousands of dollars. For a free comparison or to learn more, contact a local Cedar Rapids Iowa retirement expert today.
Written by: Morgan Fisher
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