When considering your future, it’s important to plan for the cost of long-term care. Doing this early can give you more financial security. You and your family aren’t suddenly surprised by the cost when long-term care becomes necessary—you have funds in place to pay for it.
But how much is this actually going to cost? The government in New Jersey does track the average costs, and they note that the current average is at least $65,000 per year. They also state that the average patient stays in a long-term care facility for around 2½ years. This means the total cost a resident could be facing may be around $200,000.
What can influence the cost?
The above is simply an average, though, and every case is unique. For some people, the total is going to be far over $65,000 per year.
It depends on what type of care facility is being used. There are very different costs for in-home care, nursing homes, assisted living centers and the like.
It also depends on what type of services the person needs. Someone who is in a memory unit may need very intense, around-the-clock care, for instance, which may be more expensive than someone who lives in an assisted living home and only needs help occasionally.
Furthermore, the type of room can make a difference. A shared room typically costs less than an individual room, so residents do have some control over the cost depending on their personal preferences.
Planning in advance
But no matter how you look at it, it’s clear that this can be a significant cost for families. Planning in advance is important, so be sure you know what legal options you have.
