Planning for long-term care needs is one of the most important things we think every adult should include in their financial planning. Whether we like it or not, we’re all getting older and at some point, the bulk of us will need help with everyday activities. And unless you have family or friends who will be able to take care of you, then the costs of long-term care services will be high, especially if you need to go into a nursing home or other health care living facility. So, we think it’s important to know what you’re up against in terms of costs.
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The average annual costs for home care services rose from $1,928 per person in 2004 to $2,865 in 2020. During the same time period, the average annual rate for a private room in a nursing home increased by about $2,500, which puts the average cost annually for a private room in an assisted living facility at $106,000.
So if you’re starting to think about long-term care planning, then check out our long-term care cost calculator. And if there’s anything else we can do to help you with your planning, book an appointment (no obligation, of course).