HOW MUCH DOES THE AVERAGE PERSON SPEND ON LONG TERM CARE?

Longterm care costAccording to a recent Survey report by Genworth Financial, a private room in a nursing home now costs consumers over $8,100 per month, or $97,452 per year (national median cost). That’s an increase of 5.5% from only one year ago and close to 50% increase since 2004. A semi-private nursing home room is only slightly less expensive at an average cost of $85,775 per year.

The following figures for the monthly average expense of home health and long term care services are also eye opening:

~Homemaker Services: $3,994

~Home Health Aide: $4,099

~Adult Day Care: $1,517

~Assisted Living Facility: $3,750

With the costs of long term care skyrocketing, advanced planning is more important than ever. Contact us today to discuss your estate and long term care planning needs.