Part of estate planning is making sure that you’re in a position to cover the costs of long-term care. Now, you may never face these costs if you are in good health for your entire life, but most people need care and assistance for at least a short time.
But how much money are you talking about? It depends on a lot of factors, from the type of care that you need to how long you need that care to where you live when you get it. But let’s break down some of these costs so you can get your plan in order.
Exploring the costs of different types of care
Everyone’s situation is a bit different, so you can’t absolutely be sure of the type of care that you’ll need. Here are a few common options, along with the average costs:
- A private room at a local nursing home: Average annual cost of $102,200.
- A semi-private room in the same facility: $90,156 annually.
- Adult day health care: $19,500 annually.
- Assisted living centers: $4,000 per month, or $48,000 annually.
- In-home elder care: $4,800 per month, or $57,600 annually.
You can see that the costs vary significantly, but the one common theme is that even care for a single year can be very expensive. Those who need multiple years of care or who go from one option to another — starting with in-home care before moving to a nursing home, for instance — can see very high costs.
This is why it’s so important to plan in advance and to explore all your potential rights to government benefits and other long-term planning options. Working with an experienced advocate can help you make plans that will fit your unique needs.