No one likes to picture themselves in need of long-term care, but statistics suggest that most of us will need it at some point in our lives. That’s why it’s important to be prepared. Long-term care insurance is designed to cover a range of services you may need due to a chronic illness or impairment that leaves you unable to care for yourself over an extended period of time. This type of care can take place in a variety of settings, including in your home, in an assisted living facility, or a nursing home.
The cost of care depends on each individual’s unique circumstances, but some factors that can influence cost include the type and duration of care you need, the provider you use, and where you live. In 2018, the national median cost for a home health aide was $50,336; residence in an assisted living facility cost, on average, $48,000, and the average cost for a private room in a nursing home was a shocking $100,375 per year.2
1. 2018 U.S Department of Health and Human Services (www.longtermcare.acl.gov), 10/10/17. Site accessed 11/05/18.
2. Genworth Cost of Care Survey 2018, conducted by CareScout®, June 2018