Long-Term Care Costs are Frightening - Here's Why
Long-term care costs can be staggering and the worst part? Most people don't even know what costs they will be facing. Before families and seniors can even ask, "Can we pay for that?" or "Where am I going to find money to pay for that?" they need to know the facts about senior care expenses.
Some facts on long-term care costs from the US Department of Health and Human Services:
Fact: Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and support in their remaining years.
Fact: Women need care longer (3.7 years) than men (2.2 years).
Fact: 20% of Americans over 65 will need long-term care for longer than 5 years.
Fact: Anyone reaching 65 has a 40% chance of entering a nursing home, with a 20% chance of staying for at least 5 five years.
Fact: More than 80% of those who need long-term care will get help at home, while 18% will live in a nursing home. Those receiving care at home pay an average of $46,332 annually for a home health aide, while a semi-private room in a nursing home will cost $82,608. This is more than double the 2015 median income of $38,515 for households 65 and older. Learn and plan, www.gentreo.com. Gentreo is not a law firm or a substitute for a law firm or attorney or an attorney’s advice or recommendations.