Long-Term Care Costs Can Vary Dramatically.
How's this for sticker shock. A private nursing home room will cost you $100,375 per year according to the Genworth Cost of Care Survey 2018. But that's just for one year.
The average stay in a nursing home is 835 days, according to the National Care Planning Council. So, that means your private nursing home room will cost you - assuming you need a nursing home - about $233,000 in today's dollars and even more if you factor in a 4% inflation rate.
So, that's the bad news according to a recent article in Retirement Daily by Kenneth Waltzer.
The Cost of Long-Term Care
The good news is that the cost of other long-term care services, provided you need them, is less. For instance, a semi-private room is $89,297 per year; an assisted living facility is $48,000; a home health aide is $50,336; homemaker services is $48,048; and adult day health care is $18,720.
To be sure, it's hard to plan for something that you might not need. It's even harder when you consider the above costs are national averages and long-term costs vary considerable by region and state. But the odds are not in your favor if you don't plan for long-term costs no matter how variable they might be. Consider: seven out of 10 people will require long-term care in their lifetime, U.S. Department of Health and Human Services.
Advice for Retirement
So, if you're trying to get a handle on planning for long-term care consider a subscription to Retirement Daily, which publishes articles and commentary designed to help everyone plan for and live in retirement. Get more information and sign up for a free trial subscription to TheStreet's Retirement Daily.